The proposed changes to credit card interchange in the big box interchange bill are a big concern for credit unions in how it would impact the 137 million members they serve nationwide, CUNA wrote to all members of Congress Tuesday.
Congress should support legislation to increase credit union lending to veteran-owned businesses, CUNA wrote to a Senate, Banking, Housing, and Urban Affairs Committee for its hearing on financial services to veterans. CUNA, Leagues, and credit unions support the Veteran Member Business Loan Act (S. 539), introduced in February by Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska.
On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer information of 500 or more individuals was subject to unauthorized acquisition.
The proposed rule seeks to standardize access to data and its terms, fostering a more level playing field for both established and emerging financial institutions, according to the bureau. he CFPB has opened comments on the proposed rule until Dec. 29, 2023.
On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer information of 500 or more individuals was subject to unauthorized acquisition.
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