WASHINGTON— America’s Credit Unions said Monday the OCC’s formal move to preempt Illinois’ Interchange Fee Prohibition Act for national banks could have a broader deterrent effect beyond Illinois, potentially discouraging other states from pursuing similar swipe-fee restrictions—at least while the legal fight remains unresolved.
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WASHINGTON— Credit union trade groups said Monday they are preparing for a crowded and potentially volatile week on Capitol Hill, with the House expected to take up the Senate-passed budget resolution, lawmakers facing a deadline to renew or temporarily extend Section 702 of the Foreign Intelligence Surveillance Act, continued pressure around Department of Homeland Security funding, and early maneuvering on possibly another round of reconciliation—all while the industry remains alert to any threat to the credit union tax exemption.
WASHINGTON— The Treasury Department said Monday it has launched a review of certified Community Development Financial Institutions to look for potential violations of law or CDFI program requirements, signaling a new oversight push as the Trump Administration simultaneously seeks to sharply reduce funding for the CDFI Fund.
TULLAHOMA, Tenn.— Two large credit unions are planning to merge in a deal that would create a roughly $7-billion institution.
WASHINGTON—Monday the Defense Credit Union Council sent a letter to House and Senate leadership ahead of the Independent Community Bankers of America’s Washington Summit, urging congressional leaders to reject sweeping policy proposals targeting the credit union charter, tax status, and service model.
WASHINGTON--After success in March primary elections and primaries on an April hiatus, America’s Credit Unions PAC and league partners are looking ahead to a busy May and June supporting credit union champions, ACU said.
SAN FRANCISCO— Anthropic’s tightly controlled rollout of its Claude Mythos cybersecurity model has hit a concerning snag, with a small group of unauthorized users reportedly gaining access to the system shortly after the company began offering it to a select group of testers, according to The Verge, which cited earlier Bloomberg reporting.
WASHINGTON— The U.S. Supreme Court on Monday is set to hear a case with potentially major implications for how FI robberies and other crimes are investigated, as the justices take up a challenge to the use of so-called “geofence warrants” that helped police identify the man who robbed Call Federal Credit Union in suburban Richmond, Va., in 2019, according to the Associated Press.
WASHINGTON— President Trump’s escalating clash with Federal Reserve Chair Jerome Powell took a new turn this past week, as the Justice Department moved to close its criminal probe of Powell even as Trump has continued to pressure him to leave the Fed entirely—keeping markets and Washington focused on the central bank’s independence and the increasingly messy transition at the top of the Fed.
WASHINGTON— The Office of the Comptroller of the Currency has now formally advanced two interim final actions aimed at shielding national banks from Illinois’ Interchange Fee Prohibition Act, escalating the federal fight over the state’s controversial swipe-fee law and intensifying pressure on NCUA to determine quickly whether it will provide similar protection for federal credit unions ahead of the law’s July 1 effective date.