Government Relations Policy Updates

U.S. Treasury Intends to Participate in Same Day ACH as of Sept. 15, 2017

Posted April 25, 2017

The U.S. Department of Treasury’s Bureau of Fiscal Services (BFS) informed NACHA at a bi-yearly executive meeting of its intent to be ready to participate in Same Day ACH as of Sept. 15, 2017.

Hensarling to Re-Introduce CHOICE Act

Posted April 12, 2017

House Financial Services Chairman, Jeb Hensarling will be introducing the CHOICE Act later this m

Senate Banking Committee on Banking, Housing, & Urban Affairs Hearing – “Fostering Economic Growth: The Role of Financial Companies”

Posted April 2, 2017

On March 28, 2017, The Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing entitled “Fostering Economic Growth: The Role of Financial Companies.”

NACHA Announces Annual Capitol Hill Day – June 8, 2017

Posted March 24, 2017

NACHA’s next Capitol Hill Day will be held June 8, 2017. The event includes a full day of meetings and an end-of-day reception on Capitol Hill. The visit is designed to facilitate NACHA Members’ continued outreach with targeted Members and Congressional staffers as well as education on the ACH Network, the value of private-sector rulemaking and NACHA’s role in governing the Network.

NACHA Meets with United States Treasury, Bureau of Fiscal Services

Posted March 22, 2017

On March 27, 2017 NACHA had their bi-yearly meeting with the executive team at the Bureau of Fiscal Services.

Regulators Urge Roll Back on Community Bank Regulations

Posted March 21, 2017

On March 21, 2017, the Federal Reserve, Office of the Comptroller of the Currency and FDIC, in conjunction with the National Credit Union Administration released a 440-page report to Congress (as required by the Economic Growth and Regulatory Paperwork Reduction Act) which focused especially on regulatory burdens faced by community banks.

OCC Issues Draft Licensing Manual Supplement for Evaluating Fintech Charter Applications

Posted March 15, 2017

On March 15, 2017, the Office of the Comptroller of the Currency (OCC) took one additional step closer to allowing fintech companies the opportunity to apply for a special purpose national bank charter. The agency released a draft licensing manual supplement that explains how the OCC will apply the licensing standards in existing regulations to fintech companies that seek a charter through the process.

Raphael Bostic Named as Next President of the Federal Reserve Bank of Atlanta

Posted March 13, 2017

On March 13, 2017, the Federal Reserve Bank of Atlanta announced that Raphael Bostic will serve as the bank’s next president, becoming the first African-American to lead one of the Fed's regional banks. Bostic, 50, is a professor at the University of Southern California and previously held posts at HUD and the Federal Reserve Board of Governors. He is succeeding Dennis Lockhart, who retired in February.

House Republicans Ask Comptroller Curry to Delay Fintech Charter Guidance

Posted March 10, 2017

On March 10, 2017, Republicans on the House Financial Services Committee sent a letter to the Office of the Comptroller of the Currency urging Comptroller Tom Curry to hold off on finalization of principles for a limited purpose bank charter for fintech firms. The letter objects to finalization of the policy given the April 12 expiration of Curry’s term.

CFPB Proposes Prepaid Accounts Rule Effective Date Extension

Posted March 9, 2017

On March 9, 2017, the CFPB issued a proposed rule with request for public comment that would delay the Oct. 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) (the Prepaid Accounts Final Rule) by six months.