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Congress remains in recess this week and NAFCU continues to advocate on behalf of credit unions on top priorities, including interchange, the National Defense Authorization Act, credit union tax exemption, regulatory relief, and more.

Last week, the Supreme Court struck down President Joe Biden’s student loan forgiveness plan. In a 6-to-3 decision, Chief Justice John Roberts wrote that a mass debt cancellation program of such significance required “clear congressional authorization.” Biden denounced the court ruling Friday and said he would “announce new actions to protect student loan borrowers.” NAFCU will monitor the administration’s movement on this issue and keep credit unions informed of any policies or trends that could impact the industry.

On interchange, NAFCU continues to keep up the fight against legislation sought by big box retailers to expand interchange routing requirements and limits to credit cards. Credit unions are encouraged to take action via NAFCU’s Grassroots Action Center – featuring direct outreach to lawmakers on key issues, bill trackers, lawmakers’ contact information, and more.

At NAFCU, tomorrow the association will hold a webinar on Bank Secrecy Act (BSA) training for credit union staff, hosted by DuPont Community Credit Union BSA/Compliance AVP Stephanie Painter. The training will help staff navigate this often-difficult topic confidently and will act as the perfect introduction to BSA. Register now.

Also happening this week:

• the Community Development Financial Institution (CDFI) Fund’s recently established CDFI Certification Subcommittee is set to hold a virtual public meeting Friday to present recommendations on the process to revise the CDFI Certification Application; and

• the deadline to apply for this round of NCUA Community Development Revolving Loan Fund (CDRLF) grants is Friday.