Posted December 15, 2016
NACHA Hosts Congressional Staff Briefing on Same Day ACH: Moving Payments Faster
On Dec. 9, 2016, NACHA hosted a group of congressional staff, regulators and industry partners for a Lunch-N-Learn on Faster Payments and the exciting innovation occurring on the ACH Network since the implementation of Same Day ACH. A panel of experts reviewed newly released volume and usage statistics of Same Day ACH and how the market is innovating around this faster payment option. Representatives from NACHA, the Independent Community Bankers of America (ICBA) and North American Banking Company discussed faster payments and demoed a new payments application, the “All Payments App”, that ensures ubiquitous access to faster payments for large and small financial institutions and their customers across the country.
North American Banking Company and ICBA revealed the “All Payments App” as part of the Federal Reserve Faster Payments Task Force proposal.
Watch the Video here.
GRAG Webinar Series: PHH v. CFPB, 2017 Outlook / 2016 Election & Impact to Financial Services Policy
On Dec. 8, 2016, NACHA’s Government Relations Advisory Group participated in a two-part webinar series.
PHH v. CFPB, 2017 Outlook
The first webinar presentation was on the recent court case that has declared the structure of the CFPB as unconstitutional, as well as scenarios for replacing Richard Cordray as head of the agency.
Speaker Allyson Baker of the Venable Law Firm is a trial attorney and civil litigator with more than a decade of experience in the federal government and private practice. Ms. Baker focuses on financial services litigation and law enforcement investigations involving consumer finance, financial fraud and complex financial transactions. Ms. Baker was an Enforcement Attorney at the CFPB where she served as lead counsel in In the Matter of Discover Bank, which was one of the first enforcement actions in agency history and resulted in one of the largest agency settlements to date. She was a member of the initial team of attorneys hired to stand up the CFPB's Office of Enforcement. As part of this effort, she helped formulate policies on litigation and investigations.
View the Webinar
2016 Election and Impact to Financial Services Policy
The second webinar in the series was about the election results of 2016 and the impact to financial services policy. Speaker Mathew Lapinski took the group through an inside look of those in power in a post-Obama era Washington.
Mat Lapinski serves as Executive Vice President for Federal Affairs at Crossroads Strategies, a bipartisan, multi-disciplinary federal relations, advocacy and advisory firm based in Washington DC. Mr. Lapinski represents a broad spectrum of clients across multiple practice areas and has over a decade of advocacy experience in the complex corridors of Washington’s federal legislative and regulatory institutions.
View the Webinar
OCC to Grant National Bank Charter Status to Fintech Firms
The U.S. Office of the Comptroller of the Currency (OCC) is to begin accepting applications from fintech companies to become special-purpose national banks. Comptroller of the Currency Tom Curry announced the decision in a speech at Georgetown University Law School on Dec. 2, 2016, and said it is "in the public interest to move forward with chartering because fintech can expand financial access and deliver products like loans and payments in a potentially safer and more efficient way.”
A white paper was released which discusses the issues and conditions that will be considered in granting special purpose national bank charters, and will be open for comment through Jan. 15, 2017.
Obama Administration Updates Guidelines Re: Conference Spending
On Nov. 25, 2016, the Office of Management and Budget (OMB) issued a memo with updated (relaxed) guidelines regarding conference attendance of federal employees, marking the first change of its kind in in four years. This change may impact associations positively.