The Point: Aug. 15, 2013

Fed has one week to develop plan for interchange rule

During yesterday's hearing, Judge Richard Leon gave the Federal Reserve Board one week to provide a proposal for revising its debit interchange rule. Fed attorneys are expected to return to Leon's courtroom with thoughts on issuing an interim final rule, as well as an implementation timeline.

Leon also extended the current stay on the interchange rule for an additional week.

The hearing followed Leon's July 31 decision to strike down the price caps on debit interchange fees. As previously reported, Leon ruled that the Fed did not follow narrow congressional intent when implementing the cap and other changes imposed by the Durbin Amendment. He also said that the Fed would have some time to redraft its rules, but did not specify how long.

According to a Fed attorney, the agency has not yet decided whether to appeal the ruling.

The next hearing is officially scheduled for Aug. 21 at 2 p.m. Briefs on a potential interim interchange rule must be submitted by Aug. 28, and briefs on the issue of potential damages must be submitted by Sept. 16.

Association provides compliance training in St. Croix

Credit Union Association of New York Compliance Director Mike Carter often hits the road to provide training for credit unions across the state. Last week, he traveled even further-to St. Croix, U.S. Virgin Islands-to offer area credit unionists regulatory training and insights.

The group hosted Carter as part of an ongoing partnership between the Association and U.S. Virgin Island credit unions. For two days, more than 20 attendees gathered to hear his front line compliance training and updates on regulations.

"Credit unions on the Virgin Islands generally do not receive in-person training sessions, which are very helpful in understanding industry regulations," said Carter. "As a representative of the Association, it was great to be able to provide the group with the information they need to succeed."

Metsger to join NCUA board next Friday

In a private ceremony Aug. 23 at 10 a.m., the Honorable Richard T. "Rick" Metsger will be sworn in to join the NCUA board. President Barack Obama nominated Metsger to the board May 16.

The Senate Banking Committee held Metsger's confirmation hearing June 27, and the U.S. Senate confirmed his nomination Aug. 1. His term will expire Aug. 2, 2017.

The next scheduled NCUA open board meeting is Sept. 12.

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