Posted September 26, 2016
ACH Education and Discussion at United States Treasury
On Sept. 19, 2016, NACHA’s Jane Larimer, Mike Herd and Bill Sullivan met with United States Treasury staff from the Office of Critical Infrastructure Protection. The meeting focused on NACHA’s role as ACH Administrator.
Financial Technology Bill Introduced
On Sept. 22, 2016, Congressman McHenry (R-NC), the chief deputy House Republican whip, introduced a bill entitled Financial Services Innovation Act of 2016 which would overhaul how regulators treat the FinTech industry. The bill requires financial companies, ranging from startups to big banks, to enter into binding agreements with regulators to provide services that may meet the spirit of a regulation or law while promoting innovation of new products and services.
Companies can apply for special treatment of any particular product, provided they supply an alternative compliance plan to ensure it meets the general guidelines of consumer protection and financial regulatory laws and rules. If an idea isn't approved for special treatment, the agency will "give a reasonable amount of time" before taking enforcement action.
The bill also establishes that encouraging financial innovation will be a mission for the wide range of regulators that supervise the financial system, like the CFPB, Fed, FDIC, OCC, etc. and it mandates that each agency or department create a financial services innovation office to encourage dialogue and guidance for new technologies within the industry.
Regional Bank Bill Delayed Due to Implementation Cost
House consideration of bill number H.R.1233 (Community Lending Enhancement and Regulatory Relief Act of 2015 or the CLEARR Act of 2015) has been delayed due to accounting issues regarding how to pay for the bill’s implementation. If enacted into legislation, the bill introduced last year by Blaine Luetkemeyer (R-MO), would amend a portion of the 2010 Dodd-Frank law to ease regulations for several regional banks and credit card providers. The proposal would instruct the Financial Stability Oversight Council to look at factors such as size, interconnectedness and international activity to decide which financial institutions should be subject to enhanced prudential standards for banks with more than $50 billion in assets.
Legislative Tool Kit
House 2016 Calendar (also in bottom right hand bar)
Senate 2016 Calendar (also in bottom right hand bar)