NACHA Government Relations Update - May 12, 2016

Posted May 9, 2016

Congressman Gerald E. Connolly Commends the ACH Network on Direct Deposit/Direct Payment Month
On April 29, 2016, Congressman Gerald E. Connolly (D-VA) issued a proclamation recognizing Direct Deposit and Direct Payment via ACH Month. The Congressman stated, “Today, more than 80 percent of U.S. workers receive their regular pay using Direct Deposit via ACH, and consumers pay 800 million bills each month with Direct Payment via ACH. Direct Deposit and Direct Payment are an easy, safe, convenient, cost-effective and environmentally friendly way to make and receive payments. Use of Direct Deposit and Direct Payment enable consumers and businesses alike to save costs, save time and protect the environment by eliminating the time, hassle and expense of writing and cashing paper checks and making trips to the bank or credit union.”
 
 
CFPB Proposes Prohibiting Mandatory Arbitration Clauses
The Consumer Financial Protection Bureau (CFPB) has issued proposed rules that seek to prohibit the use of mandatory arbitration clauses for financial products like credit cards and deposit accounts. According to CFPB Director Richard Cordray, “Many banks and financial companies avoid accountability by putting arbitration clauses in their contracts that block groups of their customers from suing them. Our proposal seeks comment on whether to ban this contract gotcha that effectively denies groups of consumers the right to seek justice and relief for wrongdoing.”
 
Comments to the Notice of Proposed Rulemaking are due 90 days from date of publication in the Federal Register, approximately August 5, 2016.
 
 
Legislative Tool Kit
House 2016 Calendar (also in bottom right hand bar)
Senate 2016 Calendar (also in bottom right hand bar)​​
 

Access: Public