The Federal Reserve should extend the effective date for its recent Regulation II final rule to Jan. 1, 2025 in order provide debit card issuers time to implement its requirements, CUNA wrote to the Fed. The rule will currently become effective July 1.
CUNA supports the Federal Reserve Board creating “clear and consistent” guidelines for access to Reserve Bank accounts and services, adding while the current system has worked well, providers relying on risky technologies will likely seek access.
The Federal Reserve announced Tuesday an extension of the comment deadline for its debit card routing requirements proposal. CUNA joined other organizations earlier this month calling on the Fed to extend the deadline, which is now August 11.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.