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Preemption-Federal Credit Union Non-Interest Charges and Fees
Plain English Summary
The NCUA Board has introduced a new rule that allows federal credit unions (FCUs) to charge various non-interest fees, including fees from credit and debit card transactions. This means FCUs can set these fees even if they work with outside parties to determine them. The NCUA is also asking for public feedback on this new rule. Insurance agents should be aware of these changes as they may affect how credit unions operate and charge their members.
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The NCUA Board is adopting an interim final rule to clarify federal credit unions' (FCUs) power to charge non-interest charges and fees includes the power to assess, collect, impose, levy, receive, reserve, take, or otherwise obtain non-interest charges and fees, including interchange fees from credit and debit card operations. Further, the interim final rule explains that FCUs may charge non- interest charges or fees, even when such charges and fees are set by or in consultation with third parties. NCUA invites public comments on this interim final rule.