Interchange, fraud and the CFPB’s approach to payments were chief topics of conversation during Monday’s meeting with America’s Credit Unions’ advocacy team and Treasury Deputy Assistant Secretary for Financial Institutions Policy Jeanette Quick.
America’s Credit Unions opposes any attempt to cap interchange fees for debit or credit transactions, including the Federal Reserve’s debit interchange proposal and the Big Box Bailout bill.
The group also discussed the CFPB’s implementation of the personal financial data rights proposal under section 1033 of the Dodd-Frank Act, which outlines requirements regarding consumers’ ability to access their financial data.
The CFPB issued a rule in June outlining a process by which a standard setting organization (SSO) gains recognition from the bureau to facilitate the implementation of section 1033. It posted an application for comment submitted by the Financial Data Exchange (FDX) to become a recognized SSO in September.
