The Federal Reserve published its interchange proposal Tuesday in the Federal Register with a comment deadline of Feb. 12. CUNA, Leagues, and credit unions strongly oppose changes to the current interchange system and are collaborating on a response with other financial services stakeholders.
The House and Senate are in Washington, D.C., and both chambers are expected to work on legislation funding the government past Nov. 17. Federal financial regulators—including NCUA Chairman Todd Harper and Fed Vice Chairman for Supervision Michael Barr—will testify before committees this week.
Rep. Derek Kilmer, D-Wash., announced Thursday he will not seek re-election in 2024. Kilmer—who has served in Congress since 2013—supports several credit union priorities, including the SAFE Banking Act and the Credit Union Board Modernization Act.
The NCUA board will vote on the final charitable donation account rule at its Nov. 16 meeting, and hear a quarterly briefing on the National Credit Union Share Insurance Fund. The meeting will begin at 10 a.m. ET and be streamed live on NCUA.gov.
Federal Reserve Governor Michelle Bowman expressed concern with the Fed’s interchange proposal in remarks before the Ohio Bankers League this week, calling it “unfair to many issuers and in some ways regressive in its impacts,” at its heart.
Sen. Joe Manchin, D-W.V., announced Thursday he will not seek re-election. Manchin was an original co-sponsor of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. He also sponsored bills in several Congresses to reform financial institution examination processes.
CUNA highlighted credit union service to veterans and called for support for the Veterans Member Business Loan Act in a message to Congress sent Wednesday featuring a small business owner, veteran, and member who worked with his credit union to start his business.
Credit union-supported Gabe Amo (D) was elected to the U.S. Congress in Tuesday’s special election in Rhode Island’s 1st Congressional District, with support from the Credit Union Legislative Action Council and the Cooperative Credit Union Association.
CUNA launched Credit Unions Vote, a campaign designed to foster credit union involvement in the 2024 election cycle. It focuses on getting credit union members to vote and is centered around the newly updated CreditUnionsVote.com.
CUNA wrote in support of several credit unions priorities in the House FY24 Financial Services and General Government (FSGG) bill Wednesday. The House is expected to consider the bill on the floor this week.
The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.