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| This Week: IFPA Interim Final Rule comments Due |
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Congress is away from Washington this week for the Independence Day recess. Credit unions are encouraged to weigh in on NCUA’s interim final rule confirming federal preemption of the Illinois Interchange Fee Prohibition Act, with comments due Thursday.
The IFPA, currently set to take effect in 2027, would prohibit the collection of interchange from tax/gratuity portions of card transactions in Illinois. America’s Credit Unions sent a call to comment to directly to credit unions on June 22 to file comments in support of the NCUA’s interim final rule, which explicitly states that federal credit unions may charge non-interest charges and fees, and that state law limiting those charges are preempted.
Tuesday, comments are due on the latest round of NCUA Deregulatory Project proposals. These address requirements for insurance and a threshold increase for the major assets prohibition of the Depository Institution Management Interlocks Act (DIMIA).
America’s Credit Unions issued a Regulatory Comment alert on the DIMIA proposal, which would increase to $10 billion both major assets prohibition thresholds.
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