Written by Steve Van Beek
Yesterday, the Senate voted on the Tester-Corker Amendment to delay and study the interchange regulation. The amendment fell short with a vote of 54-45 (the amendment needed 60 votes to pass) but not due to a lack of effort. Numerous groups rallied and continued to present credit unions' concerns and arguments to Senators from around the country. I especially want to thank credit unions who reached out directly to their Senators and explained how the Durbin Amendment would impact their credit union and its members. NAFCU Today has more details. More here as well.
At this point, all eyes on are on the Federal Reserve as we await its release of a final rule on debit interchange (Regulation II).
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Names other than Professor Warren continue to pop up in the news as potential nominees for the Director position at the new CFPB. (Bloomberg.com) The latest potential nominee - Raj Date - has previous experience working in financial institutions and is currently Associate Director of Research, Markets, and Regulations at the CFPB.
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A joint proposed rule required by Dodd-Frank on Qualified Residential Mortgages had its comment period extended to August 1, 2011 (from June 10). While NCUA is not a part of the rulemaking and the rule would not directly impact credit unions, there is good reason to be concerned that the rule would impact the broader mortgage market - a point 39 Senators raised last week.
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