Government Relations Policy Updates

Beginning Sept. 11, 2017, Treasury Will Participate in the Exchange of the Unauthorized Entry Fee

Posted October 3, 2017

With the publication of a final 31 CFR Part 210 rule on Sept. 11, 2017, the U.S. Treasury became an active participant in NACHA’s efforts to improve ACH network quality through the unauthorized entry fee rule that was implemented in October 2016.  

Fed Vice Chairman Fischer Resigns

Posted September 6, 2017

On Sept. 6, 2017, Federal Reserve Vice Chairman Stanley Fischer submitted his resignation from the Board of Governors citing “personal reasons”.

American Technology Council Unveils Plan to Strengthen Government Cybersecurity

Posted September 1, 2017

On Aug. 30, 2017, the White House's American Technology Council published a report proposing a broad, yearlong plan to upgrade the federal government's cyber defense systems by moving digital services to the cloud and establishing a ranking process to prioritize security upgrades for the most critical IT systems.

CFPB Director Refuses to Disclose Exit Date

Posted September 1, 2017

On Aug. 30, 2017, CFPB Director, Richard Cordray dodged questioning about whether he intends to serve out the rest of his term, stating "At this time, I have no further insights to provide on that subject."

Justice Department to end “Operation Choke Point”

Posted August 21, 2017

The Justice Department has stated it will discontinue the controversial "Operation Choke Point" program, which discouraged financial institutions from serving a range of businesses thought to be at higher risk for fraud and money laundering.

CFPB Launches Online Form for Submitting Regulatory Inquiries

Posted August 21, 2017

The Consumer Financial Protection Bureau (CFPB) has updated how industry and other stakeholders may submit regulatory inquiries.

Committee Leaders Request that Agencies Repudiate Operation Choke Point

Posted August 14, 2017

On Aug. 10, 2017, House Financial Services Committee Chairman Jeb Hensarling (R-TX), House Judiciary Chairman Bob Goodlatte (R-Va.), Regulatory Reform, Commercial and Antitrust Law Subcommittee Chairman Tom Marino (R-Pa.), Financial Institutions and Consumer Credit Subcommittee Chairman Blaine Luetkemeyer (R-Mo.), and Courts, Intellectual Property & the Internet Subcommittee Chairman Darrell Issa (R-Ca.) issued a letter to Attorney General Jeff Sessions, Federal Reserve Board Chair Janet Yellen, and Acting Comptroller Keith Noreika, asking that the Department of Justice, Federal Reserve Board and the Comptroller of the Currency officially issue statements repudiating Operation Choke Point. 

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.