Home Info Newsroom Week’s Advocacy Issues Dominated By Interchange, Injunction Blocking CFPB’s Reporting Rule on Small Biz Lending

Week’s Advocacy Issues Dominated By Interchange, Injunction Blocking CFPB’s Reporting Rule on Small Biz Lending

10/27/2023

Advocacy news and notes for the week ended Oct. 27.

The Board of Governors of the Federal Reserve (FRB) proposed a rule Wednesday that would reduce the debit interchange fee cap contained in Regulation II. “We will carefully examine the Federal Reserve Board’s proposal and submit comments. We know the fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League President/CEO Carrie Hunt.
Your League also produced an analysis of the Federal Reserve Board’s proposed rule.
Credit unions are now protected by a nationwide injunction preventing implementation of the Consumer Financial Protection Bureau’s Section 1071 rule.
Following a House Financial Services subcommittee meeting on the topic, credit unions expressed concern that the growth of “Buy Now Pay Later” products has outpaced regulatory oversight.