NACHA Government Relations Update

Posted October 14, 2014

Congressional Activity
House and Senate out of session and will return November 11, 2014.
                                                                             
Consumer Financial Protection Bureau (CFPB)
On October 8, 2014, CFPB announced a proposal for limited No-Action Letter Policy. The goal is to create a process to reduce the regulatory uncertainty that may exist for certain emerging products or services which have the potential to benefit consumers. Comments on the proposal will be accepted for 60 days following publication in the Federal Register.
 
Federal Deposit Insurance Company (FDIC)
On October 7, 2014, the FDIC and CFPB announced the launch of a Spanish-language version of Money Smart for Older Adults. The free financial resource tool is designed to help aid older adults and their caregivers prevent, identify and respond to elder financial exploitation, which affects millions of senior citizens each year. The module contains a participant/resource guide and PowerPoint slides in Spanish that can be downloaded free of charge from the FDIC's website.
 
Federal Reserve
On October 1, 2014, the Third Quarter 2014 issue of Consumer Compliance Outlook was posted by the Federal Reserve Bank of Philadelphia, featuring articles on strategies and best practices for consumer compliance management programs.
 
On October 3, 2014, the Federal Reserve Financial Services announced that, effective January 2, 2015, the Federal Reserve Banks will introduce a 12:00 noon ET deadline for the FedForward Regular Mixed, Premium Mixed D, and Select Mixed deposit options. The new mid-day deadline, in conjunction with the early afternoon return deadline established last year, provides an opportunity to speed the collection and return of items by up to two days. All paying banks should be prepared on January 2, 2015, to receive a Forward FedReceipt Plus file between noon and 2:00 p.m. ET.
 
Department of Treasury
On October 10, 2014, Treasury announced that all of its non-SDN sanctions lists are available in a consolidated set of data files, "the Consolidated Sanctions List." The consolidated files comply with all of OFAC's existing data standards. While the consolidated sanctions list data files are not part of OFAC's list of Specially Designated Nationals and Blocked Persons ("SDN List"), some of the records in these consolidated files may also appear on the SDN List.
 
NACHA GR/IR Activity
On October 7, 2014, NACHA staff participated on “The Rise of Mobile Malware” webinar, sponsored by LifeLock and American Banker. Updates on malware data hacks and scams, which threaten banking relationships, were discussed.
 
On October 9, 2014, NACHA staff attended the Financial Services Roundtables “Global Financial Summit” at the U.S. Institute of Peace. International, financial and cyber leaders headlined the summit, where experts discussed the increasing threat of cyber attacks, opportunities and challenges for finance in emerging markets and the challenges ahead globally as countries move ahead on significant international financial regulations.
 
On October 10, 2014, NACHA staff attended the Consumer Financial Protection Bureau’s forum on “Access to Checking Accounts” in Washington, D.C. The event featured remarks from Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. Banking initiatives intended to help consumers gain or regain access to basic checking accounts were explored by participants. The goal of the event was to learn more about how the checking account screening system works and how to improve the information and products that are available for consumers.
 
Legislative Tool Kit
House 2014 Calendar (in the right-hand bar)
Senate 2014 Calendar (in the right-hand bar)​​
 
Follow NACHA Government Relations on twitter: @GR_NACHA for additional coverage of event and industry participation.

Access: Public