Written by Steve Van Beek
Happy Friday! First off, there was another hearing on Wednesday discussing the interchange fees and the next steps for the Federal Reserve. At the hearing, the Federal Reserve indicated:
- It was appealing the District Court decision;
- It was requesting a stay of the decision (and if that was denied, they would appeal that decision); and
- It was seeking an expedited appeal to return certainty to the market.
Interestingly, the merchants supported the Fed's request for a stay - as a world without the Fed's regulation would mean no cap on interchange fees.
For additional information, be sure to review NAFCU's video update featuring Carrie Hunt, NAFCU's senior vice president of government affairs and general counsel:
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CFPB's Supervisory Highlights. On Wednesday, the CFPB issued their second Supervisory Highlights Report (which looks at exams completed between November 2012 and June 2013).
The first two sentences of the CFPB's press release sum up the report:
"Today, the Consumer Financial Protection Bureau (CFPB) issued a report detailing mortgage servicing problems at banks and nonbanks. The report also found that many nonbanks lack robust systems for ensuring they are following federal laws."
We'll be taking a deeper look at this report in future blog posts but, for now, be sure to read through the press release.
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NAFCU's Regulatory Compliance Seminar. Today is the last day of savings for NAFCU's Regulatory Compliance Seminar - October 22-25 in Nashville, Tennessee. Need to convince someone at your credit union that you need to attend? I'm biased, of course, but pass along the Curriculum and the Faculty information and that should help!!
Hope to see you in Nashville! And, the seats are filling up fast - if you are planning on attending - register soon!
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