WASHINGTON—As Congress continues its work in hammering out an end-of-year government funding package, NAFCU has outlined the priorities it would like to see before the 117th Congress adjourns.
In a letter to House and Senate Leadership, VP-Legislative Affairs Brad Thaler expressed opposition against any effort to expand NCUA’s examination authority over credit union third-party vendors, an issue on which CUNA and other associations have also expressed opposition.
Thaler noted that although NAFCU believes in a strong federal regulator, the association also believes that the agency “should stay focused on where its expertise lies—regulating credit unions.”
Thaler also shared opposition to any extension of debit interchange routing requirements to credit cards, as proposed in the Credit Card Competition Act (CCCA). That legislation has strong support from the nation’s retailers.
“This change 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,” wrote Thaler.
Support for SAFE Act, But…
Thaler also offered support for passage of the bipartisan, Secure and Fair Enforcement (SAFE) Banking Act, which would remove federal prohibitions on financial institutions serving cannabis businesses in states where it has been legalized. However, the SAFE Act, or portions thereof, have not been included in the giant National Defense Authorization Act, where proponents had hoped it would ride along. Its last shot in the current Congress would be as part of the federal government spending bill.
Just in Time for the Holidays, CUToday’s Free Morning Headline Email is Now Double-Free!
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.