>> credit unions exist and because of that there is astrond credit unions try to focus on giving them this. we are looking to protect that for credit unions to be able to issue affordably and effectively but also to make sure that the members have access. there are a lot of risks that are out there. i am sure we will have a robust discussion double down on the number one thing we hear time and time again that are disrupting the ability to have the digital work grow and we have to put the brakes on that so we can continue on this path of having an ecosystem in the country that does. i'm going to get to you on interchange for sure. but i want you to get in here we have the trade association, but you are an entrepreneur. tell everyone about your company and then i want to dive a little deeper into how you see the payments work for your business. >> thank you for having me. i want to piggyback off of whatf small business and at the data that shows that small businesses are the engine of any economy. we are the job creators. we are the ones exploring thenu. i am here today representing a c

for credit unions, not for profits.because as we all talked about today, digital is how you access. it's not the way of the teacher. it's now and we■■@ are taking te next steps to ensure that. everyone can use the safe and effective. i can't emphasize enough just■ how much additional regulation, how it has a not just the financial institution but consumers will absolutely lose out. >> are you in the same boat? >> a little different, innovation is how we move forward. a government regulation and the space and we want to see innovation thrive and notte on f the economy that stops innovation or limits it. we need to be investing in the g thought of in somebody's garage when you restrict with overregulation, any market i think you do so at the detriment rica's glob l >> we started with digital payments and talked about inclusion. are doing there and have the how thedigital payments are beig utilized? >> not only to process orders were processed the custome digit for the cooperatives we work with in northern ghana so we a .

there's a strong trust that builds with credit union members as consumers. on giving their members what they need andigital payment is this. we are looking to protect that for credit unions to be able to issue effectively but often to make sure that their members have access. there are a lot of■f risks tha are out there, and our lot of -- lindme a robust discussion about that but that is just one thing. i have to double down and reiterate that for issuers7c fraud costs and fraud threatsow are just the number one thing we hear time and time again, that are disrupting continue to have that digital word grow. we have to put the brakes onve that so that we can continue on this path of having an ecosystem in this country that does rival those around >> i'm going to get you on interchange for sure. don't worry. i want you to get in here. the banking perspective but you are an entrepreneur. first tell anyone about your company and i want to dive deeper ineren digital payments r you visit. >> thank you for having me.s. i just wantt to piggyback off of what linda was

and the same thing, credit unions who enters the c kelly and with full false false pride and happiness, collaborate.

rural customers enabling them to stay competitive with other tax advantage organizations like credit unionst a difference that can make. here is a short video that helps us explain acre. let's take a look. >> inflation and rising farmers smalltown residents are struggling for businesse own he the acre act will increase rural lending markets and drive down costs when all lenders are required to compete on the same terms, agriculture and rural borrowers win, the lower interest rates directly from lender of choice, meaning better rates and betr service. learn more at aba.com/support acre. >> acre is the common sense solution that's garnered impressive bipartisan support. to date 56 co-sponsors, including 16 democrats and 40 republicans. aba and the state associations are working to get this bill over the finish line, but we need your help. i want to visit aba.com back slash acre. and whether you're an ag banker or not, this is legislation that we all need to support. thank you. [applause] >> please welcome back to the state aba's rob nichols. ♪♪ >> thank you so much, carl. before we move onto

banks and credit unions are now paying new credit card fees for every tap to pay transaction initiatedone in retail stores and businesses. these fees will cost the u.s. economy billions of dollars. apple long relied on contractual restrictions rather than competition on the merits to fortify its monopoly power. we know this because apple's internal documents tell us as much. in 2010, a senior apple executive emailed the then c.e.o. of apple about an ad for a new kindle reader. the ad began with a woman using her iphone to buy and read books on a kindle app and switches to using an android smart phone and continues to read her books using the same app. the senior executive at apple expressed his concerns in candid terms, a, and i quote, message that can't be missed is that it is easy to switch from iphone to android, not fun to watch,lose quote. apple was clear its response to this competitive threat. apple would, and i quote, force, close quote, developers into using apple's payment system. as we allege in our lawsuit, apple repeatedly responded to competitive threats like this one by

pretty crossed and the good person meets us get set up as a decent later, but it is a floor federal credit union, but only just the in the spirit, ideally licensed by us and probably the cost side of it and just put in a simple story to chipped over to vehicle, because danielle, could we move in, you overseas, the gift that seems to be of interest entered ethnic conflicts. finally, the rights and freedoms of citizens, users of phobia, and any other ideology of intelligence must be firmly and immediately suppressed russian president, poor thing, go into the 10th street. the stabilize worship like he has in the west on the doomed to fail. that's also ukrainian forces loan to talk to leave. so the world wages or us send it to just refrain to round off its mobilization, the wall military official, live robbing citizens off the street fund, forcing and sending them to this month. and all's. he speaks to a family from the i've gotten the don't yes with public, he just lives this life and the and baffled physical being about to agent.

banks and credit unions are now paying new credit card fees.onomy, billions of dollars. >> reporter: apple denies the allegations and says a victory for the government would also set a dangerous precedent, empowering government to take a heavy hand in designing people's technology. the doj specifically calls out apple for allegedly boxing out other companies' devices to help keep track of items like keys, to give an edge to its own airtag, and for allowing lower quality text messages between iphone and android users, creating what many call the blue and green bubble divide. experts say this lawsuit will take years. >> what will change for an iphone user now that this lawsuit has been filed? >> in the immediate future, nothing is going to change, right? these antitrust lawsuits are really complicated. but if the government is successful here, we could end up in a world where the iphone is a much more open device that plays better with the rest of the tech industry and the rest of the world. >> reporter: and tonight the feeling inside apple's cup

might every bank turned him down he decided to start the first credit union. eventually he convinced the bank to take a chance on a sleepy town the company he ran was always on the verge of bankruptcy. not because it did not have potential because ivan was generous to a fault. heat donated to every because in town with the company is profitable or not he refused to send delinquent accounts to collections. he knew what hard times felt like. he was sure he did not want to make them any harder. ivan was also a man of deep faith he believed there was a higher power that had saved his life and carried into the darkest times. he believe in you are in the service of your fellow beings are only in the service of god. he served three missions for his church on the back of his business card remember he ran a telephone company read the words pray, call home often it is free. if a homeless stranger was passing through town they stated ivan's home if someone was hitchhiking he picked them up. when he noticed the elderly in town struggling with loneliness, he started the fi

and the credit unions are mobilizing their people. so we have and schools teachers are pulling this school kids to these protests. so this is not something where people go on street because they are so content with the government . the opposite side is the case. these are some propaganda really prove. i've done the things that we only know from east germany before 1989 and. busy this is scary because it's a 1st time that we in the west sea and 70 years, see that the government organizes the smartest and even more or less forces or pays people to attend the smartest. but it has nothing to do with the waste of being in favor off of the government. for example, if i was complaining that the people from the christian democratic party, which is the expanded government, as you would say, it's a profile my, a position and that they were attempting these protests. so they said we have nothing he come on with these people and we don't want them there. so this is getting ridiculous. what's, what's going on there. the people have an approval rat

banks and credit unions are now paying new credit card fees.ees will cost the economy, the u.s. economy, billions of dollars. >> reporter: apple denies the allegations and says a victory for the government would also set a dangerous precedent, empowering government to take a heavy hand in designing people's technology. the doj specifically calls out apple for allegedly boxing out other companies' devices to help keep track of items like keys, to give an edge to its own airtag. and for allowing lower quality text messages between iphone and android users, creating what many call the blue and green bubble divide. experts say this lawsuit will take years. what will change for an iphone user, now that this lawsuit has been filed? >> in the immediate future, nothing is going to change, right? these antitrust lawsuits are really complicated. but if the government is successful here, we could end up in a world where the iphone is a much more open device that plays better with the rest of the tech industry and the rest of the world. >> reporter: and to

how this or a warren or credit union will turn off to be a finally, it would also depend on the christian holiday as the one year particularly loved to be on what a complet comply was. minority rights and according to the it was done the us here . i don't see any major interest of the book. it was the russian speaking population concerned. russia was the moment. i think the vengeance cannot be competitors, oakland, and then we come back to the question of the forces, which i don't see after the roy in ridge of solve a lot of the russian forces. it will probably take a long time onto rush. i could have again, station, significant 4th, is that the finish on the quote to bought a and reveal to see whether up to then europe is in a position to have some stability agreement as russia. thank you very much, my family stuff. thank you. i said to alexandra and daniel for being with us and to all of our viewers. thank you for joining the the how did she become, who she is today? why didn't she ever get married or become a mom? gm's, what role does he play in hawaii? barbie. toy icons, role model, t

to answer the stress, it really depends on the question. holidays or a warren or credit union will turn off to be a finally, it would also depend on the christian holiday as don't your particular love to be on what a complet comply was the to your rights and according to the it was done, the us here i don't see any major interest of the book. it was the russian speaking population concerned. russia for the moment. i think the vengeance cannot be competitors. okay. and then the come back to the question of forces, which i don't see off the in ridge of solve a lot of the russian forces. it will probably take a long time onto rush. i could have again stationed significant focus. we have to finish the call to the border and reveal to see the up to then europe is in a position to have some stability. the agreement is russia. thank you very much. my phone goes to thank you. i said to alexandra and daniels for being with us and to all of our viewers. thank you for joining the . the stolen country of mine, touch nature and rich and natural resources. corrupted leases, selling this land to chine

to answer the stress, it really depends on the question how this or a warren or credit union will turn off to be a. finally, it would also depend on the cushion holiday. estonia particularly loved to be on what a complet comply was. minority rights and according to the it was done the us here . i don't see any major interest of the book. it was the russian speaking population concerned. russia for the moment. i think the vengeance cannot be competitors. okay. and, and then we come back to the question of courses, which i don't see off the other way to look for in ridge. i've solved a lot of the russian forces and will probably take a long time onto rush. i could have it again, station, significant for cuz we have to finish the quality border and reveals the weather up to then. europe is in a position to have some stability. the agreement is russia. thank you very much. my phone goes to thank you. i said to alexandra and daniels for being with us and to all of our viewers. thank you for joining the, [000:00:00;00] the world. but we'll tell you who we are happy that we are boxing the sto

them money and he sent out to recruit one and when everyone bank turned them down, he started a credit union and convince add bank to take a chance on a sleepy town. the company he ran was always on the verge of bankruptcy not because it didn't have potential, but because ivan was generous to a fault. he donated to every cause in town, whether the company was profitable or not. he refused to send delinquent accounts to collections, he knew what hard times felt like. and he was sure he didn't want to make them any harder. ivan was also a man of deep faith. he believed there was a higher power that had saved his life and carried him through the darkest times. he believed that when you're in the service of your fellow beings, you're only in the service of god. he served three missions for his church and on the back of his business card now, remember, he ran a telephone company, read the words pray, call home often, it's free. if a homeless stranger was passing through town, they stayed at ivan's home. if someone was hitchhiking, he picked them up. when he noticed the elderly in town shrugling w

according to bun a16 credit unions have killed in the west bank since as really searched for militantslled there during the same period. the un says children are accounts for a quarter of the palestinians killed. for growth keen reports on the case of ten—year—old shot dead in a village on monday as he went shopping with his family. they knew him from the beginning. long before he was made into a symbol of angry times. ten—year—old amr najjar, wrapped in the colours of hamas. but he was just a schoolboy killed going shopping with his dad. because he was killed by israeli troops, the factions celebrated him as a martyr. the plo, the marxist—leninists, hamas. all bore him to his grave, enveloped by their flags. this is a story about the killing of a child, not a symbol. amr najjar was one of three children. a good student. on march ath, he was being driven by his father, mohammed, with his younger brother through burin when they encountered an israeli patrol. they stopped near this shop on the corner. the army had been in burin since earlier in the afternoon. this image was captured by a

. >> all the credit unions and banks have concerns. do you need a letter from us? thank you. the cra, for those of us who have been involved for a long time, the regulations, have a set of standards. when should we have regulations out that we can read what will be acceptable and what will not? the changes and regulations for cra. when will the regulations be out where the banks will know what is acceptable for cra and what is not acceptable? chr. powell: the final rule is out. there is a lot of work to do. requirements do not take in for a few years at least. i think we are working on the follow-up regulations. >> that is important for all the banks. they need to make sure it is going in the right spot. the credits will not be applied unless that is a. the fed now, where the federal reserve is operating this now, what has the participation rate as to do with that? chr. powell: really slow. they go slow until they do not. it was the same way back in the day. if you are than 500 banks in there now. we expect it will take some time. but it is there and we think it will be benef

cfpb unveiled a rule that would cap late fees for banks and i walked out of a meeting with my credit unions who are concerned about those things that may be in their future as well. i think it's critical we do not look at any of these rules in a vacuum and we need to consider the total impact and full scope on that so i will ask a question i've asked other regulators, how much do u.s. the fed personally consult with other agencies on their own rulemaking agenda. chr. powell: i don't leave that area of our business but i know there's a lot of talking, a coordination i'm not sure there's coordination. >> we're in government there's always a lot of talking. let me ask you this way. when a rule is finalized under another regulator are you mandated or have any kind of policy to go back and look at your other pending rules under your purview and see if changes need to be made because of these agencies rules? >> i think where it made sense to do that. >> there is some sort of review of that? >> i've heard repeatedly that elements of this overlap with the feds annual stress tests read what are you

and credit unions, such of these companies do not currently undergo cfpb superry exams,nitoring or complhecks. they may not be required to ensure company funds or deposits. cfpb action in this area is timely, considering the escalation of shadow banking. that is the migration of core banking activities, which traditionally fall outside of the banking regulations. and this is growing, given the employment of owepaque technology. and they've reached 300 billion dollars and estimated to over 150% by 2028. moreover, an estimated two-thirds of all americans, including the majority of low to moderate now relying on peer-to-peer digital payments, such as paypal and venmo, many have options. and it's not surprising that the consumer advocates strongly support the rules. according to the consumer federation of america, quote, we would be concerned whenever the line between congress and banking is committed to blur. loophole they're moving forward to hold big check companies accountable to play by the rules as everyone else. i agree with tt is not becoming check regulator as much as check companie

i just literally walked out of a meeting with my credit unions, who are very concerned about those thingsas well. i think it is critical we do not look at any of these roles in a vacuum we need to consider the total impact and full scope. i will ask you a question that i have asked some other regulators. how much do you, as the fed, consult with other agencies on their own rulemaking agenda ? you coordinate or talk? >> i do not leave that area of our business. i know there is a lot of talking. coordination, i'm not sure there is coordination. >> we are in government, there is a lot of talking. let me ask it this way. when a rule is finalized under another regulator, are you mandated or have any policy to go back and look at your other pending rules under your purview and see if changes need to be made because of these other agencies rulemaking? >> there is no mandate like that. i think it makes sense to do that. >> we generally have some sort of review of that >> i don't think there is a formal review. >> i have heard that elements overlap with the federal annual stress test. what are you

i know other credit unions and banks. >> i will come back to you on that. >> i appreciate it. >> willcome back to you. >> thank you. for those of us who have been involved for a long time, the regulations of having a clear set of standards that we abide by and nowhere to put the money to. when should we have regulations out that we can read about what's going to be acceptable and what is not? >> i did not get estion. >> the regulations. the changes in regulations. >> one of the regulations going to be out? the banks will know what is acceptable. the cra was not acceptable. >> the final rule we are working on. there is a lot of work to do. the requirements do not really kicking. i think working on the follow- up relations. >> that is really important. they want to make sure that they qualify where the dollars are spent. they need to make sure that it's going to the right spot because the credits will not be applied unless that the fed, where the federal reserve ed is operating this now. what has the participation rate going with that? >> slow. they are network effects. they go slow unt

and the credit unions are mobilizing their people, so we have and schools teachers are pulling this school kids to these protests. so this is not something where people go on street because they are so content with the government. the opposite side is the case. these are some propaganda read prove, i've done the things that we only know from east germany before. 1989. and this is scary because it's a 1st time that we in the west seats and 70 years, see that the government organize us um the smartest and even more or less force as far pays people to attend the smartest. but it has nothing to do with the width of being in favor off of the government. for example, the, on the far was complaining that, um, the people from the christian democratic party, which is the expanded the government, as you would say, it's a profile my, a position. and that they were attempting these protests. so they said we have nothing he come on with these people and we don't want them there. so this is getting ridiculous. what's, what's going on there. the people have an approval rate of the government of maybe 10

unlike large banks and credit unions such of these companies do not currently undergo cfpb superry exams, periodic monitoring or compliance checks. they may not be required to ensure company funds or his area is timely considering the escalation of shadow banking. that is the migration of core banking activities which traditionally fall outside of the banking regulations. and this is growing, given the employment ofpaque technology. and the reached 300 billion dollars and estimated to grow over 150% by 2028. moreover an estimated two-thirds of all americans, of low to moderate income users are now relying on peer-to-peer digital payments such as paypal and ven mowmo many have options. and it's not surprising that the consumer advocates strongly support the rules. according to the consumer federation of america, quote, we would be concerned whenever the line between congress and banking is committed to blur. by closing this loophole they're moving forward to hold big check companies accountable to play by the rules as everyone else. i agree with that statement. the cfpb is not becoming a

when we had the youth credit union in there. so thank you to hsh, thank you for larkinfor being like rad. and the also dolores staff seeing the youth in my neighborhood and people that i can identify with and seeing the resilience and the success rates of kids coming out of here. so i i just want to elevate that, thank you. >> thank you. >> is there a motion on the table. >> so moved. >> second. >> it's been moved and properly seconded. let's call the roll. roll. >> chair butler. >> aye. >> vice chair. >> aye. >> commissioner. >> aye. >> aye. >> commissioner guerrero. >> aye. >> commissioner laguana. >> aye. >> motion pass. >> thank you, this places us on 12-c, commissioner secretary do you mind reading the item. >> requesting review and approval to enter into a new grant agreement with ado be services for fiscal south prevention for the period of april, jas lin in place of nikon will present on this item. >> thank you. >> good afternoon, fellow commissioners and executive director mcfaden. i'm jackie and my pronouns are she and

would like to give credit to the president of the czech republic, his team, people who were able to find artillery shells in the amount of a million shells, as a member of the european union, i give credit to them, other countries. found the appropriate finances to pay for this million projectiles, sometime at the end of may, at the beginning of june, these projectiles and weapons will be in ukraine, i appeal to each country, think creatively, take the initiative in your own hands, look for your own partners, and find the strength to multiply and accelerate the ukrainian victory. thank you. i would now like to turn to anna fatigi, who is hosting, participating online. she represents poland - the country that supports ukraine the most, and in terms of political support and military support, as a member of the european parliament, she does everything possible. we've seen a few different tracks over the past few months. in poland, for example, there are protests on the ukrainian border protesting against the export of ukrainian grain. my the question for us is how to balance the interests of those who support ukraine, those who want to preserve unity in the face of russian a

credit as well. and the german union also been talking about people instead of people clauses, ticket talking, american excellent. and then the other one sensitive subject to the russian property. because of that, what's the debate about how do bridgestone connecting across the creamy it could be destroyed by taurus? how many taurus results would be used for this panel trying to use? and so there's the tiles, it's, it's highly sensitive, some tiny bit expensive for, for us and public opinion as well. so what could be russia's aim in publishing this kind of a sensitive intelligence and doing it now, as i would say it, it's, it's to get into the 1st one is to signal to the german government and conjunction army leadership that are, are side knows what is being developed on closet metering sources of it, the kind of access to the stocks and current they've damon can publish them in their, in their role. and the 2nd one is there are some ones too many domains only needed . think twice before did they ever, inc, cruz, me, south lake towers to do great or did you have any other kind of a heavy bed to do ukra

this and i strongly believe this is exactly the, the, the, the, the purpose that my credit is most of the european union are pursuing the state of the union. and the state of friends are so bad that there is nothing to fit to realize them. right? but in this left, the union lot of country, even if they don't physically do we do have some of them us thinking about this. and the only way to refill the relies, the european union together used to have come on threats. and this threat is exactly what i shot and they will do whatever they can. the main thing that at these, the french peoples, under that threats and the european union under that threat, to try to reduce the economy by relaunching the company or military industrial complex, which is by the way, what the united states have been doing. now, i doubt that this will work because at one point, if my crime keeps saying we're sending, we're sending, we're sending, we're sending none of the points. okay, why they don't wind up so it's a, it's, it's a complex system. the french government is accusing russia of this information for the food. what they're

the use approach to joint defense, as i think is the one your credit to be the resolution. as far as the european union is concerned, where before it was a kind of civil to actor on europe in defense question and know both in terms of financing, but also increasingly to come in using a supporting different corporation. what do you not, not? there will be a difference industrial capacity to use and capacity to put the small across your all your friends. and he's actually stepping, we bought these potential discount muscle that no member states are lucky. but so, so it's capacity to bring together all the different players, and i think you're coming here. so next year, if it could be sure, would be great to kind of getting this right. because we have seen many promises all strong and great. you're very defensive. the fact that often face to face, but nowadays are we have this up on the switches? are we going to go back to continue to rush and thread on their own show. and russian president vladimir putin says he bought a tack, a native country, but the bases in countries like poland, that host ukrainian

was interesting, an intrinsic part of the deal of following the break of the soviet union debt would allow your credit to still retain crime yet, you know, in the, on the condition of course that the russian likes a fleet good still be allowed to do more there and basically onto operator. and that was all at risk. but unfortunately, in retrospect of course, it's very easy to speak onsite as 20 spending, but in retrospect, of course it would actually have probably been easier and probably have been been better for us to have moved in for the liberation of the entire dunbar region. back in 2014. yeah, of course. the reason i didn't do it is because there was a whole that we could that that could be negotiations. that could be a part. yeah. dimension records. yep. so let's do was elected as a new standard and you know, it was against the you rally as a, as a pull edition against these, these are these war mongering neo nazis like for example, you know, it was supposed to be the, the be started the design i think a lot of people celebrate the many ways pressure, maybe to been involved, right. versus okay,