CFPB Granted Rehearing of Court Ruling
NACHA Submits Comments on Enhanced Cyber Risk Management Standards
Comments on 12 NYCRR Part 192 governing the Methods of Payment of Wages, from APA, NACHA & AFP
Trump Signs Executive Order Regulating the Financial System
The Core principals include, but are not limited to:
- Empower Americans to make independent financial decisions;
- Prevent taxpayer-funded bailouts;
- Foster economic growth through rigorous regulatory analysis that addresses systemic risk and market failures;
- Enable Americans to compete with foreign companies domestically and abroad;
- Advance American interests in international financial regulatory negotiations;
- Make regulation efficient, effective, and appropriately tailored;
- Restore public accountability within financial regulatory agencies and rationalize the financial regulatory framework.
CFPB Seeks $13 Million from MasterCard and UniRush for 2015 RushCard Breakdown
CFPB Releases Small Entity Compliance Guide for Prepaid Rule
Trump Signs Executive Order on Regulations
NACHA Provides Comments on Federal Government Participation in ACH Network
After first providing some brief background information, NACHA offered comments on the Proposed Rule attached. At the outset, however, NACHA is pleased that the Fiscal Service is agreeing to adopt most of the 2014, 2015 and 2016 amendments to the NACHA Rules, including agreeing to participate in Same Day ACH, which we believe will bring an important level of consistency and fairness to the ACH Network and all participants. NACHA offered specific comments on a few select aspects of the Proposed Rule. Specifically, NACHA believes that: (i) the Fiscal Service’s approach to adopting Same Day ACH should be modified, and (ii) three of the exceptions to the NACHA Rules that would be implemented by the Proposed Rule are inappropriate and should not be adopted. Finally, we believe that the Fiscal Service should implement a process to provide for more regular and timely adoption of NACHA Rules amendments.
2017 Presidential Inaugural Schedule
Congressional FinTech and Payments Caucus Announces 115th Congress Co-Chairs
The Congressional FinTech and Payments Caucus is an informal group of Members dedicated to innovation, growth and education in the emerging fintech space – the moniker given to the rapid technological innovation occurring in any number of financial services, such as payments, insurance, lending, deposits, and raising capital. The Caucus serves as a marketplace of ideas for Members and their staff to learn and better understand how fintech is revolutionizing the way consumers and businesses will receive financial services tomorrow.
NACHA Government Affairs will continue advocating on behalf of the ACH network to Caucus Members through our strong ties and engagement.
Hensarling Announces Committee Leadership Team
Congressional Payments Technology Caucus Rebrands To Reflect Expanded Purpose
Statement of Purpose - Congressional Fintech and Payments Caucus
The Congressional FinTech and Payments Caucus is an informal group of Members dedicated to innovation, growth and education in the emerging fintech space---the moniker given to the rapid technological innovation occurring in any number of financial services, such as payments, insurance, lending, deposits, and raising capital. The Caucus serves as a marketplace of ideas for Members and their staff to learn and better understand how fintech is revolutionizing the way consumers and businesses will receive financial services tomorrow.
Federal Reserve Board Proposes to Establish Guidelines to Broadly Outline Considerations for Evaluating Joint Account Requests at Reserve Banks
The Federal Reserve Banks typically permit a single master account per eligible depository institution. In limited cases and for specific purposes, the Reserve Banks have in the past opened joint accounts held for the benefit of multiple depository institutions, which are managed by an agent on behalf of those depository institutions. In light of ongoing developments to improve the U.S. payment system, including the Federal Reserve’s Strategies for Improving the U.S. Payment System efforts, the Board anticipates interest by industry participants in establishing joint accounts to facilitate settlement.
The Board proposes to establish guidelines to broadly outline considerations for evaluating joint account requests. Requests would be evaluated on a case-by-case basis, and more specific considerations and information necessary to evaluate a particular request would likely be required based on the complexity of the arrangement and other factors.
Comments on the proposed guidelines are requested within 60 days of publication in the Federal Register Notice.
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.
GRAG Webinar Series: PHH v. CFPB, 2017 Outlook / 2016 Election & Impact to Financial Services Policy
PHH v. CFPB, 2017 Outlook
The first webinar presentation was on the recent cot 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
Obama Administration Updates Guidelines Re: Conference Spending
U.S. Treasury Proposes to Adopt Same Day ACH, Targets August 2017 to Begin Receiving Same Day ACH Credits
OCC TO GRANT NATIONAL BANK CHARTER STATUS TO FINTECH FIRMS
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.