WASHINGTON—As Congress prepares final action on the fiscal year 2023 National Defense Authorization Act (NDAA), NAFCU and the Defense Credit Union Council (DCUC) are calling for a “clean” NDAA and reject amendments they say “stand to place new burdens and hardships on credit unions.”
In the letter, the two trade groups expressed their shared opposition to any effort to attach the Credit Card Competition Act to the NDAA, as well as to any amendment that would commission an interchange fee study.
“The Credit Card Competition Act would extend debit interchange routing requirements to also cover credit cards, which would function as a backdoor price control on credit card transactions and would affect financial institutions of all sizes, regardless of the proposed exemption, and could greatly increase fraud costs as merchants select cheaper but less secure networks to process transactions,” the letter reads.
‘Not Been Vetted’
In addition, the two groups also expressed their long-standing opposition to any inclusion of a provision that would grant the NCUA with expanded examination authority over credit union third-party vendors.
“[The] legislation has not been vetted by the Senate Banking Committee and the NCUA has not laid out any limits to the new spending or supervisory authority it would entail,” they stated.
The Very Best in CU Reporting. Every Morning. At a Price Every CFO Will Love
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.