Government Affairs Updates

96 RESULTS
November 18, 2020
Nacha’s Government Relations Advisory Group (GRAG) held their annual meeting on November 10th. The meeting focused on the Presidential & Congressional elections and what the policy implications may be for payments. Politico led off the day with a comprehensive election results analysis, followed by the Cowen Washington Research Group discussing fintech’s role in the 117th Congress and new administration. The mid-day portion of the meeting focused on FedNow/faster access to money and the outlook for more stimulus relief via ACH.
November 9, 2020
Nacha’s Government Relations team has been closely monitoring U.S. election results over the past week. For a summary, read the RFA Election Analysis, prepared for Nacha by Rich, Feuer & Anderson.
August 19, 2020
On Aug. 13, 2020, The Federal Reserve issued a press release highlighting the research and experimentation the central bank system has been conducting to enhance its understanding of digital currencies and their use by central banks.
August 19, 2020
The Consumer Financial Protection Bureau (CFPB) recently issued answers for several Frequently Asked Questions regarding compliance with the Payday Lending Rule.
August 4, 2020
On July 28, 2020 the Office of the Inspector General for the U.S. Small Business Administration issued a memo reporting findings of "widespread potential fraud" in the agency’s flagship Economic Injury Disaster Loan (EDIL) program (separate from the Paycheck Protection Program) for coronavirus relief.
August 4, 2020
The Consumer Financial Protection Bureau (CFPB) has announced that the agency plans to ask for input later this year via an advance notice of proposed rulemaking (ANPR) regarding implementation of Section 1033 of the Dodd-Frank Act, which governs consumers’ access to their financial data.
July 23, 2020
On July 20, 2020 the Federal Deposit Insurance Corporation (FDIC) announced the agency has issued a new Request for Information (RFI) as part of its FDiTech initiative.
July 15, 2020
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) announced it has issued a final rule regarding “Payday, Vehicle Title, and Certain High-Cost Installment Loans”, eliminating the requirement for loan underwriting and income verification, citing “insufficient legal and evidentiary bases for the 2017 rule’s mandatory underwriting provisions”.
June 30, 2020
The Supreme Court ruled in a 5-4 decision (Roberts) that the CFPB’s single-director structure / “for cause” provision is unconstitutional. A separate 7-2 opinion (Roberts, Alito, Kavanaugh) ruled that the removal provision can be severed from the rest of Dodd Frank, which means the CFPB will survive.
June 16, 2020
Nacha staff recently met with representatives from Treasury, IRS, Fiscal Services and the ACH Operators to discuss lessons learned from the recent U.S. stimulus payments to U.S. citizens to help boost our economy due to the COVID-19 pandemic.
June 16, 2020
Nacha’s GRAG recently held a conference call with Kevin George, Senior Advisor, Economic Policy for Fintech Task Force for Chairman Lynch (D-MA) two days before the Task Force Hearing on "Inclusive Banking During a Pandemic: Using Fed Accounts and Digital Tools to Improve Delivery of Stimulus Payments." The robust dialogue focused on government EIP payments, future legislation for more payments, faster payments including FedNow and how Capitol Hill is dealing with job responsibilities and safety during the pandemic.  
April 14, 2020
In light of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a policy statement announcing the Bureau’s current flexible approach to its supervision and enforcement regarding certain requirements for remittance transfers. The intent is to allow insured institutions to continue focusing on their customers’ immediate needs for uninterrupted remittance transfer service during the crisis and to limit the pandemic’s impact on the remittances market.