Government Relations Policy Updates

Federal Reserve Board Issues Guidelines to Evaluate Joint Account Requests at Federal Reserve Banks

Posted August 14, 2017

On Aug. 9, 2017, The Federal Reserve Board issued final guidelines which will be used for evaluating future joint account requests at Federal Reserve Banks.

Rep. Luetkemeyer Asks Federal Financial Regulators to Harmonize Financial Services Cyber Regulation

Posted August 4, 2017

Before Congress recessed on Aug. 3, 2017, Financial Institutions Subcommittee Chair Luetkemeyer (R-Mo.) sent a letter asking the federal financial regulators to harmonize the cyber security regulatory regimes for the financial services sector.

CFPB Releases Prototype Model Disclosures & Report on Overdraft Costs

Posted August 4, 2017

On Aug. 4, 2017, CFPB released prototype model disclosures aimed at helping consumers better understand the pros and cons of optional overdraft coverage for checking accounts and a report on overdraft costs.

OCC Solicits Public Comments on Revising the Volcker Rule

Posted August 3, 2017

On Aug. 2, 2017, the Office of the Comptroller of the Currency (OCC) published a notice that solicits public input on whether certain aspects of the implementing the Volker Rule regulation should be revised to in order to decrease the compliance burden on banking entities and fostering economic growth.

NACHA Supports McWilliams to be Trump Administration's Pick to Chair the FDIC

Posted August 1, 2017

NACHA supports Jelena McWilliams as the potential Federal Deposit Insurance Corp (FDIC) Chair.

Varo Money Announces Application for Federal Bank Charter

Posted July 26, 2017

On July 25, 2017, Varo Money, Inc., a two-year-old mobile banking startup announced it has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter and to the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance, with the intention of forming Varo Bank, N.A. – and becoming America’s first mobile-only national bank.

Website Accessibility No Longer a Top Priority for DOJ

Posted July 26, 2017

Website accessibility is no longer a top priority for the Department of Justice, according to the Trump administration's recently released rulemaking agenda for the remainder of 2017 and 2018.

Randal Quarles, a Former Treasury Official Nominated to Fill a Vacant Seat on the Federal Reserve’s Board of Governors

Posted July 11, 2017

The White House has announced that it will nominate Randal Quarles to fill a vacant seat on the Federal Reserve’s Board of Governors as vice chair overseeing the banking system.

Chairman Hensarling Threatens CFPB Director Cordray with Contempt

Posted July 6, 2017

House Financial Services Chairman Hensarling (R-Tx) threatened CFPB Director Richard Cordray with contempt, saying he has failed to respond fully to a subpoena request.

State Regulators and U.S. Secret Service Issue Industry Best Practices for Combating Cyber Crime

Posted June 30, 2017

On June 28, 2017, state bank regulators, jointly with the U.S. Secret Service, released banker best practices for managing risks related to certain cyber threats.