WASHINGTON (8/20/13)--Credit Union National Association preparations for the next round of the ongoing debit interchange fee case are detailed in the latest edition of the Credit Union National Association's Regulatory Advocacy Report
The upcoming hearing follows a recent ruling in which U.S. District Court for the District of Columbia Judge Richard Leon struck down the Fed's rules on debit interchange fees and routing procedures under the Durbin Amendment, but stayed the order for the moment.
The next phase of the interchange case will take place this Wednesday, when Leon is scheduled to hear the Federal Reserve Board's thoughts on issuing an interim final rule, and an interim final rule implementation timeline. (See Aug. 15 News Now
story: Judge Fierce On Fed Interchange Rule.)
At a scheduling hearing held last week, Leon asked whether the court should order issuers to "disgorge revenue" obtained due to the Fed regulation. In this week's Regulatory Advocacy Report
, CUNA Deputy General Counsel Mary Dunn said CUNA is doing all it can to protect credit union interests in this case, and CUNA is already devising legal strategies should the judge move forward on his theory of "damages."
Other items addressed in this week's CUNA Regulatory Advocacy Report include:
- The scheduled swearing in Friday of National Credit Union Administration Board Member Richard Metsger;
- The Consumer Financial Protection Bureau's release of updated exam procedures and small-entity compliance guidance for mortgage rules;
- The Federal Reserve's finalization of a large financial companies assessments rule; and
- The Federal Housing Finance Agency's eminent domain policy.
Employees or volunteers of CUNA- and state credit union league-member credit unions can sign up below to receive the Regulatory Advocacy Report
The Regulatory Advocacy Report
is archived on cuna.org