It has definitely been an up and down year here in America. We have seen the roller coaster ride of Congress coming to an agreement on the debt ceiling. The stock market has been wildly fluctuating up and down (mostly down). The NFL season was almost lost and we still don’t know if the NBA will have a season this year. While all of this was happening, one area that garnered a lot of attention in the financial world was debit interchange.
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Who doesn’t love to get something for free! The Great Iowa State Fair starts today and as a regular attendee, I will be partaking in the freebies…free concerts, free koozies, free pencils, free Iowa State University football posters (yes, they have the Iowa Hawks too!) and the list goes on….
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Merriam-Webster provides the following completely unrelated (and some would argue diabolically opposed) definitions to GARNISHMENTS:
An ornament; a useful accessory; something that lends grace or beauty; a manner or quality that adorns; one whose virtues or graces add luster to a place or society; the act of adorning or being adorned; or an embellishment.
OR
A legal summons or warning concerning the attachment of property to satisfy a debt; or a stoppage of a specified sum from wages to satisfy a creditor or a legal obligation.
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LAST CHANCE TO REGISTER!
The much anticipated final rules on debit interchange fees and PIN routing were released by the Fed on June 29. Be among the first to learn how they will impact your debit program.
On Wednesday, July 6, PolicyWorks and The Members Group will host a webinar with compliance and industry experts from PolicyWorks, PayFusion and SHAZAM to go over the final rules and address how they will impact your credit union’s debit program.
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Effective June 24, 2011, NCUA will fully insure the net amount that any member or depositor at an insured credit union maintains in a noninterest-bearing account (also known as non-dividend bearing transaction accounts for federal charters).
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The Fed has released the proposed rule to amend Reg CC. The initial version is 500 pages. Seems like there might be more in there than just increasing the next-day availability amount from $100 to $200. Here’s a quick, initial glance at the changes, not to mention a whole new set of model forms (for which the consumer testing consisted of a whopping 20 people).
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Well, I would be lying if I said the start to the new compliance year has been easy. It has clearly been a challenge staying ahead of all the requirements and implementation timelines of Risk Based Pricing Notices, New Privacy Notices, MDIA, and the fiduciary duties of Federal credit union boards, to mention a few… and it’s only January 20th. Well, take a deep breath and enjoy the short ride (that is unless you are scratching your head wondering what I am talking about above). It looks like February is clear sailing and the start of March comes in like a lamb as far as compliance is concerned.
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