ADVOCACY UPDATE

Lawsuit Challenges CFPB’s Credit Card Late Fee Final Rule: America’s Credit Unions voiced support for a lawsuit filed last week by the U.S. Chamber of Commerce and other financial groups. This lawsuit seeks a preliminary injunction to stop the implementation of the CFPB’s credit card fee late rule. The CFPB finalized the rule last week despite America’s Credit Unions President/CEO Jim Nussle saying the rule will dismantle consumer protections.

NOTE: While the rule is only applicable to credit unions with more than one million open credit card accounts, it is anticipated it will pressure and eventually impact all card programs when consumers compare features.

Stop, Study Interchange Proposal: Last week, Rep. Blaine Luetkemeyer (R-MO), introduced the Secure Payments Act (H.R. 7531), which would stop the finalization of the Fed’s proposed debit interchange proposal. Credit unions strongly oppose the Fed’s proposal, which was introduced last week as nearly 6,000 credit union advocates gathered in Washington, DC.

Consumer Blog: Lucky for us, we know that a credit union is the best place to start our search for an auto loan. This week's consumer blog helps others learn how to navigate the auto loan process and avoid any potential potholes along the way.

A Direct Line: What a week! Last week, Donya, Karen, and Gerry attended GAC, and Donya pulled together her takeaways in this week's blog. Since it was such an action-packed several days, nine takeaways made the list. Which were your favorites?

Did you know? We partner with several leading industry providers to give our member credit unions exclusive access to a variety of distance learning opportunities. Webinars, online courses, and virtual workshops are convenient and cost-effective methods of training your entire staff. Visit our website to discover which of our partners can help your credit union succeed in 2024.

Impact Report 2023: We know the impact compliance has on your credit union. That's why we put so much work into it. Here's our 2023 compliance impact by the numbers:

• over 500 contacts on the compliance hotline
• 60 discussions on the compliance officers and lending community listservs
• 9 Back-to-Basics compliance webinars

Have a compliance question? Contact Donya to confirm you're on the correct distribution lists.

TruStage Risk Management Webinar: Real-time payments dramatically improve the speed and efficiency of the U.S. payment system. However, offering these payments can also attract fraudsters. Register to join TruStage risk consultants on March 20 at noon for a live Account Takeovers & Real-Time Payments webinar.

Can’t attend? Sign up to receive an email link to the webinar recording after the event.