Government Relations Policy Updates

FDIC’s McWilliams Wants Bank Regulators to Have a Common Standard for Small-Dollar Loans

Posted April 5, 2019

Federal regulators need to create consistent guidance on the standards for bank small-dollar loan offerings. FDIC Chair, Jelena McWilliams stated that banks have been unwilling to get involved in the small-dollar loan market is because the three main federal banking regulators, the FDIC, the Federal Reserve and the Office of the Comptroller of the Currency, all have different guidelines in place for such product offerings.

House Working Toward Cannabis Banking Relief

Posted March 29, 2019

The House of Representatives is inching closer to voting on a banking cannabis business relief bill after the Financial Services Committee voted to move the bill out of committee to a full House vote.

NACHA Files Comments on CFPB Payday Lending Rulemaking

Posted March 13, 2019

The purpose of the CFPB request was to propose a delay to the effective date of the mandatory underwriting provisions of the regulation promulgated by the CFPB in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (the “Final Rule”).

NACHA’s Best Places to Work Award Recognized in Congress

Posted March 6, 2019

NACHA’s 2019 Best Places to Work in Virginia award has been acknowledged in a Congressional Proclamation introduced by NACHA’s home district Representative, Gerald E. Connolly (D-Va.) and will appear in this week’s Congressional Record.

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.