Government Relations Policy Updates

NACHA Meets with Congressional Leadership

Posted February 21, 2019

NACHA’s Government Relations team has been busy meeting with new committee staff members on both The House Financial Services Committee and Senate Banking Committee to advocate for the ACH Network and discuss 2018 network growth for both Same Day ACH and traditional ACH.

CFPB Issues Rulemaking Proposals Favorable for Payday Lenders

Posted February 19, 2019

On Feb. 6, 2019, the Consumer Financial Protection Bureau (CFPB) proposed to rescind portions of its 2017 final rule regarding “Payday, Vehicle Title, and Certain High-Cost Installment Loans”, in particular doing away with the current requirements for underwriting determinations that would ensure offered loans are within what the borrowing applicants can afford.

Hope for Banking Marijuana in Congress

Posted November 19, 2018

Democratic control of the House has raised hopes that the possibility exists for Congress to provide a safe harbor for banks to serve marijuana businesses or even a broader bill to remove pot from the list of controlled substances.

Senate Confirms Bowman to Federal Reserve Board

Posted November 19, 2018

The Senate has confirmed Kansas State Banking Commissioner Michelle Bowman as a member of the Federal Reserve Board. She becomes the first person to fill the vacant community banking seat, which was mandated by Congress. Bowman, nominated in April, is the first person confirmed to the Fed seat reserved for a community banker.