Some credit unions which are supposed to be sheltered from the impact the Durbin amendment’s cap on debit interchange saw their interchange drop by collectively over $1 million in the third quarter of 2012, according to data collected by CUNA.
Roughly fifteen months after the Durbin amendment went into effect, the controversial legislation that capped debit card interchange for issuers with over $10 billion in assets has painted a mixed picture for most credit unions.
Although the NCUA is already addressing key findings revealed in a national survey conducted by CUNA and its affiliated state league organizations, the trade association told Credit Union Times that the results still show room for improvement.
These photos by John Cooke capture some of the action of the first day of sessions Monday at the 2013 GAC in Washington, D.C.
Trade group says agency already addressing key findings in its survey of 1,500 respondents about examination process.
CUNA says data shows $1.38 million loss for 155 credit unions in that quarter alone in data trade studied.
The Federal Home Loan Banks want to be included in the NCUA’s pending final emergency liquidity rule, according to a Jan. 31 letter to NCUA Board Chairman Debbie Matz and Board Member Michael Fryzel signed by the 12 FHLB presidents.
Presidents of 12 Federal Home Loan Banks urge NCUA Board to consider them as an option to the CLF or Fed's Discount Window.
The Consumer Financial Protection Bureau released final mortgage rules that restrict loan originator compensation methods and increase the level of service loan servicers must provide to borrowers. However, due to the way credit unions already do business, trade associations say neither rule will have a major impact on the industry.
Compliance burden may fall on sub-services.