Regulatory & Compliance

While the deadline for comments on the Federal Reserve's proposed cap on debit interchange remains more than a month away, credit unions have not flooded the regulator with their opinions about the proposal.

Rep. Gabrielle Giffords (D-Ariz.), who remains in critical condition after an assassination attempt on Saturday, has been helped by credit union political action committees in all three of her difficult campaigns.

The requirement in the Fed's proposed interchange rule to mandate as many as four PIN and signature networks would be "particularly problematic" for smaller issuers, NAFCU President/CEO Fred Becker wrote in a letter to the Fed.

The Arizona Credit Union League said Saturday's rampage left everyone there with "heavy hearts," but praised those in Tucson for being a "shining light" because of the city's handling of the aftermath.

Gene Sperling, who was the Treasury Department's point person during negations on the proposal for raising the cap on member business loans, was named by President Obama today to be director of the National Economic Council (NEC).

A new legislative and regulatory advocacy committee with a focus on issues affecting CUSOs and their credit unions is the latest effort coming from NACUSO.