Newsroom
NAFCU 's Berger Says Reg II Final Rule 'Fails" Consumers
WASHINGTON – The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the Federal Reserve's final rule on Regulation II.
"The Fed’s final rule on Regulation II fails smaller financial institutions, the credit union industry at-large and ultimately consumers," said NAFCU President and CEO Dan Berger. "The Fed’s rule mandating debit card issuers to enable at least two payment networks for debit transactions will force small issuers to allow transactions over riskier networks, increasing fraud costs for our nation’s community financial institutions.
"NAFCU and its member credit unions have seen little good come out of Reg II or the Dodd-Frank Act for that matter – including the failed Durbin Amendment. Imposing this final rule would increase implementation and fraud costs for smaller financial institutions, on top of everything else they’re battling with inflation, all for the benefit of big box stores and big online retailers such as Amazon." added Berger.
"NAFCU and our members will continue to engage the Fed and Congress to underscore the negative impacts of this rule."
###
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
Share This
Media Contact
Amanda Dela Cruz
adelacruz@nafcu.org
(571) 447-0022
Related Resources
Add to Calendar 2023-09-27 14:00:00 2023-09-27 14:00:00 Financial Services Mega-Trends: Welcome to a Whole New World of Financial Services About the Webinar A transformation is underway in the U.S. financial services industry that will have a profound impact on how participants do business, how they strategize about their futures, and how they collaborate around products, service and information. During this session, Cynthia Schroeder, Larry Pruss, and Patti Wubbels will highlight mega-trends worth watching. Key Takeaways: • How the financial services business model is changing • How new entrants are disrupting the industry through innovation • How technology is changing the nature of financial services delivery and distribution • How demographic shifts require credit unions to adapt their cultures and value propositions to gain market share among younger members • How credit unions must adopt a security-first mindset to protect their reputations and the data of their members Register Here Web NAFCU digital@nafcu.org America/New_York public
Financial Services Mega-Trends: Welcome to a Whole New World of Financial Services
preferred partner
Strategic Resource Management
Webinar
Cyber Threat Intelligence: The Key to Threat Surveillance
Cybersecurity, Risk Management
preferred partner
DefenseStorm
Blog Post
How to Begin the Search for a Mortgage Subservicer on the Right Foot
Mortgage Servicing
preferred partner
Dovenmuehle
Blog Post
Artificial Intelligence and Adverse Actions
Technology
Blog Post
Get daily updates.
Subscribe to NAFCU today.