NAFCU’s Regulatory Committee met Tuesday to discuss the latest issues and proposed rules open for comment, including the Department of Labor’s (DOL) proposed rulemaking on wage exemptions, the oral arguments from the CFPB v. CSFA U.S. Supreme Court case, and recent NAFCU advocacy efforts on artificial intelligence and interchange.
NAFCU recently published a Regulatory Alert on the DOL’s proposed rulemaking to change the thresholds and methods used to delimit overtime and minimum wage exemptions. In addition, the committee reviewed the CFPB’s outline of proposals for its rulemaking related to the Fair Credit Reporting Act; the panel required by Small Business Regulatory Enforcement Fairness Act (SBREFA) is set to begin meeting this week on the issue.
On the advocacy front, NAFCU shared updates on a CFPB letter asking for greater transparency and accountability in the potential use of AI and machine learning models since these models could influence things like supervisory prioritization. Additionally, NAFCU submitted a letter to the Federal Reserve urging them to avoid and unwarranted review of the regulated debit interchange fee cap and notes that debit interchange income is crucial to credit unions’ ability to combat skyrocketing fraud associated with card-not-present (CNP) transactions.
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