Posted May 30, 2017
NACHA Attends Reception at the British Embassy
Bill Sullivan of NACHA was the guest of Sir Kim Darroch, the British Ambassador to the United States, at a reception on May 24, 2017 as a result of NACHA’s work with British Embassy staff on an introduction to the U.S. payments system. The reception, at Sir Darroch’s residence, showcased the new Aston Martin DB11.
Durbin Amendment Repeal Dropped from CHOICE Act in House
May 25, 2017, House Republican leaders will drop language from a sweeping bank deregulation bill that would have eliminated a cap on debit card swipe fees.
GOP leaders decided to remove the proposal from the Financial CHOICE Act after a Whip Count of Republican Members on the issue. "I've said before that repeal of the Durbin Amendment was the most contentious part of the bill among Republicans," Congressman Hensarling said in a statement Wednesday. "I believe it belongs in the Financial CHOICE Act, but I recognize and respect that many members of Congress feel differently. We won't let this one provision hinder passage of an important priority bill that will end bank bailouts and help renew healthy economic growth for all Americans."
The bill is currently scheduled to be considered on the floor of the House the week after the Memorial Day recess. It is doubtful that the Senate would add the language back into the bill, so any further efforts to remove debit interchange caps is unlikely to be successful in this session of Congress.
Senate Banking Committee Hearing: “Domestic and International Policy Update”
On May 18, 2017 the Senate Banking Committee held a hearing entitled “Domestic and International Policy Update” and featured lines of questioning on regulatory relief for community banks, housing finance reform and housing guarantees, beneficiaries of tax reform and several political issues such as the status of Keith Norieka at the OCC and methods of scoring tax relief legislation.
U.S. Department of Treasury Secretary Steven T. Mnunchin was the only witness, in what was his first appearance before the Committee. He delivered remarks on currency manipulation of trading partners, comprehensive tax reform, regulatory relief for community banks, housing finance reform and combating terrorism financing.
Secretary Mnunchin plans to deliver a series of reports on regulatory reform recommendations in the near term, as well as a detailed tax reform policy paper. Housing finance reform recommendations may be pushed out to a later time frame.
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