Fed's Interchange Rule Overturned; Management & Leadership Institute
Written by Steve Van Beek
Programming Note: For the month of August, we'll be blogging on Monday, Wednesday and Friday rather than our usual every business day. If you need a NAFCU blog fix on Tuesdays and Thursdays, I strongly recommend Anthony Demangone's Musings from the CU Suite blog (subscribe here).
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Interchange. Yesterday, a federal district court ruled that the Federal Reserve Board failed to carry out federal statutory requirements on debit interchange fees in its final rule (Regulation II). For now, the current rules will remain in place. If any appeals are unsuccessful, the Fed would need to write new rules (including possibly an interim final rule).Â
Of particular note for credit unions is the judge's rejection of the Fed's network exclusivity provisions in 12 CFR 235.7. Under the current rules, a credit union complies if it has two unaffiliated networks (one signature, one PIN). The judge indicated the Fed's interpretation of the Durbin Amendment was improper and the future rules would need to have network exclusivity provisions that require two unaffiliated signature networks and two unaffiliated PIN networks.
What we don't know is how long the process (including any potential appeal by the Federal Reserve) would take before we have a new rule. And, after the new rule - how long will the implementation period be for credit unions? Â
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NAFCU's Management & Leadership Institute. While we normally discuss compliance issues (and conferences), I wanted to make sure you were aware of NAFCU's Management & Leadership Institute in Philadelphia - October 7-11, 2013.
The Management & Leadership Institute features a mixture of classroom discussions, case studies and proactive strategy coursework and you'll walk away with:
- A solid understanding of financial management, including how to conduct accounting cost analysis
- Clarity on board vs. management roles
- Tools to effectively build relationships with board members Â
- Successful communication techniques to help move projects forward
- Tactics for leading a successful credit unionâ from operations to marketing
- A strong network of colleagues that share your drive for leadership excellence
The Institute will also feature a full-day leadership workshop with award-winning expert John Spence.
But, don't take my word for it - listen to John Spence here:
Sound interesting? Take a look at the Institute Experience and the words of a past attendee.Â
Register by August 8 and save $100!
