Nussle urges Fed to address interchange, Reg CC concerns ahead of nomination hearing
Ensuring the credit union perspective on issues before the Federal Reserve is heard by Senators as they consider the latest nominee to the Board, America’s Credit Unions submitted a letter to the Senate Banking Committee in advance of the nomination hearing to consider Stephen Miran as a member of the Federal Reserve Board.
While the letter notes that America’s Credit Unions is not taking a position on the nominee, it does flag several credit union advocacy priorities for the Federal Reserve ahead of the hearing, including:
- Complications with administering the Fed’s debit interchange rule following a recent court ruling. America’s Credit Unions continues to advocate for a complete withdrawal of the rule due to concerns with its flawed methodology. The association also wrote to the Fed last week (link) to share these concerns;
- The need to modernize Regulation CC’s funds availability rules to help credit unions combat check fraud. America’s Credit Unions provided detailed suggestions on updating the rules in a letter sent to the Treasury in June; and
- Opposition to the creation of a central bank digital currency (CBDC). America’s Credit Unions supports legislation to prohibit the Fed from issuing a CBDC, which is also included in the FY26 Financial Services and General Government appropriations bill passed by the House Appropriations Committee yesterday.
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