NATIONAL CREDIT UNION ADMINISTRATION ISSUES RULE: PREEMPTION-FEDERAL CREDIT UNION NON-INTEREST CHARGES AND FEES

WASHINGTON, June 9 -- National Credit Union Administration has issued a rule called: Preemption-Federal Credit Union Non-Interest Charges and Fees.

The rule was published in the Federal Register on June 9 by Melane Conyers-Ausbrooks, Secretary of the Board.

Summary: 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 consultati...