NCUA clarifies federal credit unions' fee authority under U.S. law
Federal credit unions are set to receive clearer regulatory backing on their ability to impose non-interest charges tied to payment card services. The move is aimed at preventing conflicts with state rules and aligning credit unions' authority more closely with that of national banks before the measure takes effect on June 30, 2026.
Highlights
- NCUA published an interim final rule clarifying federal credit unions can charge non-interest charges and fees, including interchange fees, under the Federal Credit Union Act.
- The rule preempts state laws regulating non-interest charges and fees for federal credit unions, providing certainty for payment card services across jurisdictions.
- The interim final rule, aligning with a recent OCC measure, takes effect June 30, 2026, reinforcing regulatory consistency for federally supervised depository institutions.
Rule sets fee preemption framework
As reported by the National Credit Union Administration, the agency has published an interim final rule clarifying that federal credit unions can charge non-interest charges and fees, including interchange fees, under the Federal Credit Union Act.The regulator says it has exclusive authority over federal credit unions' ability to impose those charges. The interim final rule is intended to preempt any state law affecting non-interest charges and fees related to payment card services.
NCUA says its existing preemption rules already permit federal credit unions to impose fees set by a third party without state interference. It is adopting the new rule to further clarify that authority and to avoid disparity with national banks after the Office of the Comptroller of the Currency recently issued an interim final rule on the same subject.
Impact on credit unions and payments
The rule states that state requirements regulating federal credit union activity related to non-interest charges and fees, including interchange fees, do not apply to those institutions. That provides added certainty for federal credit unions offering payment card services in multiple jurisdictions.The measure also reinforces regulatory consistency across federally supervised depository institutions in the payments sector. The interim final rule takes effect June 30, 2026.
Our earlier coverage on the UK Financial Conduct Authority’s proposed money market fund liquidity rules explained how the regulator plans to raise resilience standards in short-term funding markets. The FCA outlined supervisory expectations for weekly liquid assets—40% for stable NAV funds and 20% for variable NAV funds—signaling a more prescriptive approach to risk management. The proposal underscored the regulator’s focus on financial stability and market integrity during periods of stress.
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