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Nacha Government Relations Update – April 4, 2019

House Working Towards Cannabis Banking Relief
The House of Representatives is inching closer to voting on a banking cannabis business relief bill after the Financial Services Committee voted to move the bill out of committee to a full House vote. The bipartisan legislation designed to shield lenders from federal penalties when they serve cannabis businesses in states where marijuana has been legalized. The House is expected to vote on the bill to ease federal marijuana restrictions as a growing number of states permit the sale of the drug. The Senate is considering relief for banks that service the cannabis industry but the draft bill language is still being “shopped” around the Senate in hopes for more Republican co-sponsors.


House & Senate Introduce Legislation to Eliminate Remotely Created Checks
In March, both Chambers of Congress introduced legislation that would eliminate Remotely Created Checks (RCCs). Both House bill H.R. 1509 and Senate bill S.656 are driven by Democrat Members and focus on truth-in-lending changes aimed at the payday lending industry. These bills are likely to not have bipartisan support so the chance of Senate passage seems highly unlikely.


CFPB Reinstates Community Bank & Credit Union Advisory Groups:
The Consumer Financial Protection Bureau, reversing a controversial decision by the previous intern director, Mick Mulvaney, has taken steps to restore the influence of several advisory panels that were sidelined last year. The CAB, the Community Bank Advisory Council and the Credit Union Advisory Council will now meet three times a year in person. Meeting details and council participation will be communicated by CFPB in the next few weeks.


Legislative Calendars for 2019
House 2019 Calendar
Senate 2019 Calendar