Update on Interchange; CFPB; QRM Extension
Written by Steve Van Beek
Yesterday, the Senate voted on the Tester-Corker Amendment to delay and study the interchange regulation. Â The amendment fell short with a vote of 54-45 (the amendment needed 60 votes to pass) but not due to a lack of effort. Â Numerous groups rallied and continued to present credit unions' concerns and arguments to Senators from around the country. Â I especially want to thank credit unions who reached out directly to their Senators and explained how the Durbin Amendment would impact their credit union and its members. Â NAFCU Today has more details. Â More here as well. Â Â
At this point, all eyes on are on the Federal Reserve as we await its release of a final rule on debit interchange (Regulation II).
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Names other than Professor Warren continue to pop up in the news as potential nominees for the Director position at the new CFPB. (Bloomberg.com)  The latest potential nominee - Raj Date - has previous experience working in financial institutions and is currently Associate Director of Research, Markets, and Regulations at the CFPB.  Â
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A joint proposed rule required by Dodd-Frank on Qualified Residential Mortgages had its comment period extended to August 1, 2011 (from June 10).  While NCUA is not a part of the rulemaking and the rule would not directly impact credit unions, there is good reason to be concerned that the rule would impact the broader mortgage market  - a point 39 Senators raised last week.  Â