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

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Your League is carefully reviewing the NCUA's just-released budget proposal. "It’s vitally important the industry remains engaged with NCUA on its budget priorities, with the goal of striking a balance between protecting against risk, while also fostering an environment of innovation that best positions credit unions to succeed,” said League President/CEO Carrie Hunt.

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Langley Federal Credit Union has donated $3,000 to the Food Bank of Central & Eastern North Carolina to help celebrate the opening of the credit union’s newest branch, in Raleigh, North Carolina. The branch at 6308 Falls of Neuse Road welcomed its first members on Sept. 11. As part of the opening week festivities, Langley pledged to donate $100 for every new member who joined the branch, up to $3,000.

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Credit unions are now protected by a nationwide injunction preventing implementation of the Consumer Financial Protection Bureau’s Section 1071 rule, thanks to quick legal action by CUNA, Cornerstone League and Rally Credit Union of Corpus Christi, Texas.

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The BayPort Foundation has partnered with Habitat for Humanity Peninsula and Greater Williamsburg and Newport News Shipbuilding to co-sponsor a 3D-printed home in the southeast neighborhood of Newport News. The home is the first of its kind in Newport News and is anticipated to be completed in December.

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The National Credit Union Administration’s staff draft budget for 2024–2025 is now available on the agency’s website for review and comment. The draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Nov. 21. Your League has been an active participant in the NCUA's budget review and comment process, providing written comments and testimony from League President/CEO Carrie Hunt.

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Credit unions interested in the Community Development Financial Institutions Fund Small Dollar Loan Program can get valuable information on a Nov. 8 webinar hosted by CDFI and the National Credit Union Administration.

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Registration has opened for the four Development Education (DE) programs to be hosted in 2024 by the National Credit Union Foundation. There will also be one virtual program.

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The Board of Governors of the Federal Reserve (FRB) today proposed a rule 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. “The League remains engaged with policymakers on this issue because we understand the debit interchange fee cap had an impact on every financial institution, not just those issuers with $10 billion or more in assets. We know, too, that the price cap imposed on debit interchange fees is a failed policy that’s had a disastrous impact on the cost and availability of basic banking services, harming low- and moderate-income Americans.”

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The Federal Reserve is proposing changes to the debit interchange cap and calculation methods, as well as proposing a new process to update these figures more frequently going forward. The changes would apply directly to financial institutions with $10 billion or more in total assets, though will have indirect, downstream effects on debit card issuers of all sizes.

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