Government Relations Policy Updates

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regulations impacting some small-dollar loans, the Office of the Comptroller of the Currency did the opposite and rescinded 2013 Deposit Advance Products Guidance, thereby making it easier for national banks to make small, short-term loans to customers who regularly receive direct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.

Senate Confirms Randal Quarles as Federal Reserve Board Governor

Posted October 11, 2017

On Oct. 5, 2017, the U.S. Senate voted (65-32) to confirm Randal K. Quarles as a Federal Reserve Board Governor and as Vice Chairman for Supervision and Regulation, making him the first person to ever officially hold the position created by the 2010 Dodd-Frank Act.

CFPB Issues Final Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans

Posted October 5, 2017

On Oct. 5, 2017, the Bureau of Consumer Financial Protection issued this final rule to create consumer protections for certain consumer credit products.

White House Releases Tax Reform Framework

Posted October 3, 2017

On Sept. 27, 2017, the White House released a tax reform blueprint entitled “Unified Framework for Fixing Our Broken Tax Code”, to be used as a template for developing tax legislation.

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.