University appeals HHS ruling

first_imgThe University is again challenging a U.S. Department of Health and Human Services mandate that requires Notre Dame’s insurance plan to cover contraceptives, according to a report in The South Bend Tribune.Notre Dame is asking the U.S. Court of Appeals for the Seventh Circuit to grant the University an exemption to the mandate, which is part of the Affordable Care Act, in light of a recent Supreme Court decision, the Tribune reported. The Supreme Court ruled Jan. 24 that the nonprofit organization Little Sisters of the Poor and other similar religious groups do not have to cover contraceptives until the Sisters’ lawsuit is resolved.“There is no legitimate basis upon which an injunction could be granted to the Little Sisters of the Poor but denied to Notre Dame,” the University said in its motion, according to the Tribune.A federal appellate judge in Chicago will hear oral arguments in Notre Dame’s case Feb. 12, the Tribune reported.“If government is allowed to entangle a religious institution of higher education like Notre Dame in one area contrary to conscience, it’s given license to do so in others,” Paul Browne, vice president for Public Affairs and Communications, said.Tags: Contraception, HHS Lawsuit, HHS Mandate, Notre Dame, Supreme Courtlast_img read more

Federal regulators provide temporary relief for credit unions approaching $10 billion

first_imgOn November 20, 2020, the Federal Reserve along with the FDIC and OCC published an interim final rule to mitigate the costs to banks of crossing asset-based regulatory thresholds sooner than expected. Just in time for Thanksgiving, the rule permits banks under $10 billion in total assets as of December 31, 2019 (community banking organizations) to use asset data as of December 31, 2019, in order to determine the applicability of various regulatory asset thresholds during calendar years 2020 and 2021. One of the significant thresholds covered under the rule is the trigger for debit interchange caps, which were instituted by the Durbin Amendment as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Durbin Amendment modified the Electronic Fund Transfer Act (EFTA) to restrict the routing and pricing of electronic debit transactions by card issuers, and the Federal Reserve has implemented these statutory provisions in Regulation II (12 CFR Part 235).From an advocacy standpoint, NAFCU opposes interchange price caps, which have had the effect of depressing credit union fee income while transferring wealth to retailers. One recent study of interchange doubts whether this transfer corresponded with any meaningful benefit to consumers, but does note evidence of higher retailer margins.For most credit unions, the transition to interchange compliance can be managed adequately with planning. But some have grown faster than expected in 2020 and are eager to take advantage of any mechanism to avoid an unexpected hit to their bottom lines. The interim final rule explains that a community banking organization that was below an asset threshold covered by the rule (e.g., the $10 billion threshold applicable to small issuers under § 235.5) as of December 31, 2019, generally will be deemed to remain below that threshold through the end of 2021. The second to last column in the chart below illustrates how this framework effectively delays recognition of asset growth and postpones compliance. The last column illustrates that the relief is temporary and the default asset measurement approach will resume after 2021. This is placeholder text continue reading » This post is currently collecting data…center_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more