Government Relations Policy Updates

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.

House Energy and Commerce and Ways and Means Committees Release ACA Repeal Legislation with Administrative Simplification Intact

Posted March 6, 2017

On March 6, 2017, The Energy & Commerce and the Ways & Means Committees each released their parts of the ACA repeal and replace effort. Section 1104, which called out the ACH Network as the EFT Standard in healthcare payments, was left intact. Both Committees will be marking up their respective bills on March 8, at 10:30 a.m. The Budget Committee will combine the separate bills into one package before sending to the House floor.

Federal Reserve Governor Powell Gives Remarks on Faster Payments Taskforce

Posted March 3, 2017

On March 3, 2017, Federal Reserve Governor Powell indicated in remarks to the Yale University Center for Corporate Law, that the Fed's Faster Payments Task Force will issue its final report “in the middle of the year”, presumably this summer. He reaffirms the Fed’s commitment to a more efficient real-time payments system and urges the industry and other stakeholders to continue the work of bringing ubiquitous real-time payments systems and services to the U.S. market.

Hensarling’s Choice Act Slated for Floor Action in the House in Months

Posted March 1, 2017

On March 1, 2017, Rep. Blaine Luetkemeyer (R-MO) told attendees of a credit union conference that the Choice Act will see floor action in the next two to three months. The Financial Choice Act is a bill sponsored by House Financial Services Chairman Jeb Hensarling (R-TX) that seeks to undo parts of the 2010 Dodd Frank law. A major reform of the CFPB is included, however, the bill will likely be altered once the Senate takes it up.

Government Relations Policy Updates Archives (Nov. 2016 - Feb. 2017)

Posted February 28, 2017

The following is an archival of NACHA's Government Relations Policy Updates from November 2016 through February 2017.