CUs Urged to Share Concerns with Fed on Interchange Fees; Updated Eviction Moratorium

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Share Concerns with Fed on Reg II: Interchange Fees

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) are urging credit unions to provide comments to share concerns with the Federal Reserve on proposed changes to debit card routing requirements.

The Federal Reserve’s proposed debit card interchange fees and routing rule would amend Regulation II to require debit card issuers to offer at least two unaffiliated networks for card-not-present transactions, such as online purchases. Issuers must also be capable of processing transactions under a new framework of expectations surrounding merchant type, transaction and location. Currently, credit unions can comply with regulations by issuing debit cards carrying a signature network and an unaffiliated network.

The proposed changes to Regulation II could lead to decreased debit interchange and increased compliance costs.

Credit unions can easily send their concerns to the Federal Reserve by visiting CUNA’s Action Alert Center, which provides a letter template. PLEASE NOTE: The “subject” line should not be changed, as this ensures individual comments are properly filed with the Federal Reserve.

Credit unions have until Aug. 11, 2021 to submit comments. If you have any questions regarding the proposed rule, email Lisa Quaranta, vice president of regulatory advocacy for the Leagues.

CDC ISSUES UPDATED EVICTION MORATORIUM

The Centers for Disease Control and Prevention (CDC) issued on Aug. 3 a new eviction moratorium to temporarily halt evictions of tenants through Oct. 3 in counties with heightened levels of community transmission of COVID-19. The intent of the new eviction moratorium is to allow additional time for rent relief to reach tenants and to further increase vaccination rates.    

The new moratorium:   

  • Prevents tenants in counties experiencing substantial or high levels of COVID-19 transmission from being evicted due to nonpayment of rent. To find counties experiencing substantial or high transmissions, click here.   
  • Covers tenants for 60 days, from Aug. 3 to Oct. 3. However, tenants could lose the protections under the moratorium if a covered area no longer experiences substantial or high levels of community transmission for more than 14 days.  
  • Requires tenants to provide to their landlords a completed and signed copy of a declaration form.   
  • Does not relieve tenants from any obligation to pay rent.   

(Please note that in California, an eviction moratorium is also in place until Sept. 30, 2021)

Reminder—Emergency Rental Assistance Available 

As the pandemic continues, credit unions are reminded of the following resources available to their members who are still impacted by COVID-19 and are in need of rental assistance.    

Resources:  


 
 

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