Government Relations Policy Updates

Financial Agencies Issue Statement to Clarify Role of Guidance

Posted September 12, 2018

On Sept. 11, 2018, in response to lawmaker’s requests, five financial regulators (The Federal Reserve System, CFPB, FDIC, National Credit Union Administration and the OCC) issued a written statement clarifying that supervisory guidance does not carry the force of law, is not binding and does not direct enforcement actions.

Luetkemeyer Introduces a Data Security Bill

Posted September 7, 2018

Rep. Luetkemeyer has introduced a bill intended to codify federal regulators' data breach notification standards for the financial services industry.

Clarida Confirmed as Fed Vice Chair

Posted August 29, 2018

The Senate confirmed Richard Clarida as Vice Chairman of the Federal Reserve Board, filling out Chairman Jerome Powell's leadership team.

NACHA Talks Payments with Bureau of Fiscal Services

Posted August 22, 2018

On Aug. 20, 2018, NACHA’s Bill Sullivan, Mike Herd, Cari Conahan, Debbie Barr and Amy Morris briefed Treasury staff on recent RFC rulemaking activity including Same Day ACH, messaging and return codes.

Treasury Issues Long-Awaited Fintech Report

Posted July 31, 2018

The U.S. Department of the Treasury today released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation.

OCC Announces Plan for National Bank Charters for Fintechs

Posted July 31, 2018

On July 31, 2018, the Office of the Comptroller of the Currency (OCC) announced it will begin accepting applications for national bank charters from non-depository financial technology (Fintech) companies engaged in the business of banking.