Government Relations Policy Updates

Senator Crapo Questions Regulator Oversight of Credit Reporting Firms

Posted October 17, 2017

On Oct. 12, 2017, Senate Banking Committee Chairman, Mike Crapo (R-Idaho) sent a letter to heads of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) expressing concern regarding the level of oversight of credit-reporting firms such as Equifax.

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).

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.

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.

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.