NAFCU cybersecurity and payments committee discusses interchange, digital currency
NAFCU’s Cybersecurity and Payments Committee met yesterday to discuss the latest developments on interchange, the Federal Reserve issuing a request for comment (RFC) to seek input on proposed guidelines for evaluating requests for accounts and services at Federal Reserve Banks, central bank digital currency, and more.
During the meeting, committee members shared insights into their credit unions’ interest in pursuing new payments-related initiatives or projects.
Committee members received a briefing from NAFCU staff regardingrenewed efforts to the North Dakota-based associations representing retailers lawsuit filed against the Federal Reserve, arguing the Fed should lower the cap on interchange fees for debit card transactions. NAFCU has already issued a statement opposing any efforts that would lower debit card interchange fees.
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(Bloomberg) A gauge of U.S. manufacturing quickened in May, propelled by stronger growth in orders which factories are having trouble satisfying because of supply shortages and labor constraints. A measure of factory activity rose to 61.2 from 60.7 a month earlier, according to data released Tuesday by the Institute for Supply Management. Readings above 50 indicate expansion, and the May figure was about in line with projections. The.
President Joe Biden has ordered the Financial Stability Oversight Council to prepare a report on how the financial system can mitigate the risks related to climate change. The Financial Stability Oversight Council was created through the Dodd-Frank financial regulatory reform act and is supposed to identify and monitor excessive risk to the financial system. The council is composed of the heads of the major federal financial regulatory agencies, including the Federal Reserve.
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