Government Relations Policy Updates

OCC Suggests Ending the Separation between Banking and Commerce

Posted November 10, 2017

On Nov. 8, 2017, Acting Comptroller of the Currency, Keith A. Noreika, delivered an industry conference speech in which he explored the topic of how the separation of banking and commerce evolved in the United States and called for a broader discussion of whether the separation continues to serve the best interest of the nation’s banking system and economy today.

NACHA Hosts Annual Government Relations Meeting at Capitol Hill Club

Posted November 10, 2017

On Nov. 8, 2017, NACHA’s Government Relations Advisory Group (GRAG) held its annual meeting at the Capitol Hill Club.

Chairman Hensarling Won't Seek Re-election in 2018

Posted November 1, 2017

On Oct. 31, 2017, Rep. Jeb Hensarling announced he will not seek re-election, marking the end of a political career defined by the Texas Republican's long-running struggle to pare back government intervention in the economy.

Congress Votes to Scrap CFPB’s Arbitration Rule

Posted October 25, 2017

On Oct. 24, 2017, the U.S. Senate voted to kill a landmark financial regulation that restricts banks and credit card companies from imposing mandatory arbitration on their customers as a means to resolve disputes.

Senator Markey Pens Letter to CFPB on Protecting Consumer Data

Posted October 18, 2017

On Oct. 16, 2017, Sen. Markey (D-Mass.) wrote a letter to the Consumer Financial Protection Bureau to weigh the data security of third-party aggregators allowing consumers to access their financial data.

Cohn Indicates Increased Asset Threshold for Banks Facing Increased Regulation

Posted October 18, 2017

On Oct. 16, 2017, National Economic Council Director Gary Cohn announced at an industry event that there is bipartisan support for raising the $50 billion asset threshold above which banks face increased regulation, and that he expects the final number to be at least $200 billion.

Senator Crapo Questions Regulator Oversight of Credit Reporting Firms

Posted October 17, 2017

On Oct. 12, 2017, Senate Banking Committee Chairman, Mike Crapo (R-Idaho) sent a letter to heads of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) expressing concern regarding the level of oversight of credit-reporting firms such as Equifax.

Treasury Releases Second Report on the Administration’s Core Principles of Financial Regulation

Posted October 11, 2017

On Oct. 6, 2017, the U.S. Department of the Treasury released a report detailing how to streamline and reform the U.S. regulatory system for the capital markets.

FRB Revises PSR Policy to Allow for Same Day ACH Entries

Posted October 11, 2017

The Board of Governors of the Federal Reserve System (Board) has revised part II of the Federal Reserve Policy on Payment System Risk (PSR policy) related to the transaction posting times used for measuring balances intraday in institutions' accounts at the Federal Reserve Banks (Reserve Banks) to conform to amendments to regulations governing the use of the Automated Clearing House (ACH) Network by Federal agencies announced by the Department of the Treasury, Bureau of the Fiscal Service (Fiscal Service).

Acting Comptroller of the Currency Rescinds 2013 Deposit Advance Products Guidance

Posted October 11, 2017

On Oct. 5, 2017, as the CFPB released regulations impacting some small-dollar loans, the Office of the Comptroller of the Currency did the opposite and rescinded 2013 Deposit Advance Products Guidance, thereby making it easier for national banks to make small, short-term loans to customers who regularly receive direct deposits via ACH.