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CUNA CEO Interchange reg. reform remain on radar
WASHINGTON (8/19/10)--In his weekly regulatory action update, Credit Union National Association (CUNA) President/CEO Bill Cheney said CUNA is “actively engaged” in the Federal Reserve’s development of pending interchange fee rules. CUNA’s legislative staff is also looking to work with the U.S. Congress to make some technical corrections to key interchange statutory provisions, Cheney added. Cheney noted that the Fed will soon distribute surveys on the regulation of debit interchange and network fees to debit card issuers, and added that CUNA’s Interchange Working Group is currently developing its own comments to provide to the Fed. CUNA’s Corporate Credit Union Next Steps and Supervisory Issues Working Groups both continue their work. The Next Steps group is compiling a report on the investment services, and payment and settlement service options available to natural person credit unions, and that report is expected to be released in September. The Supervisory Issues Working Group also is gathering information of its own via a new site on CUNA’s homepage. That site, which will be labeled “top initiatives,” will allow credit unions to share examination and supervisory concerns with the working group. CUNA also is monitoring ongoing regulatory reform developments and will keep credit unions updated via a two-part audio conference on Aug. 24 and 25, and a comprehensive implementation date database, to be published in next week’s edition of CUNA’s bi-weekly, members-only publication, NewsWatch. For more on the audio conference and to sign up for NewsWatch, use the resource links.


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