Posted April 4, 2018NACHA’s Estep & Sullivan Talk Fintech with Treasury
On Friday, March 30, 2018, NACHA’s Jan Estep and Bill Sullivan attended a meeting at The U.S. Department of the Treasury concerning the upcoming report to the President on “Core Principles for Regulating the United States Financial System – Fintech”.
The Purpose of the meeting was to assist Treasury in this much anticipated report on supporting innovation in financial services. The discussion centered around the core principles outlined in Executive Order 13772 titled “Core Principles for Regulating the United States Financial System” (Feb. 3, 2017). The President instructed Treasury to write four reports to address ways to empower consumers, prevent tax payer bailouts, foster growth, keep American companies competitive and make regulations efficient/effective. The fintech paper is the final report in the series. The meeting was led by Jared Sawyer, Deputy Assistant Secretary, Financial Institutions Policy.
Acting CFPB Head Wants to Limit Bureau’s Authority
On April, 2, 2018, Consumer Financial Protection Bureau (CFPB) interim head Mick Mulvaney issued his first report to Congress as the bureau’s Acting Director. Mr. Mulvaney asked Congress to change the structure of the CFPB and to give the executive and legislative branches control over the bureau’s regulations, leadership and budget. Those potential changes would be a major departure from the CFPB’s current structure, which gives it broad latitude to oversee consumer financial products without interference from Congress or the White House.
Fed Announces New Study on Payments Fraud
On March 29, 2018 the Federal Reserve announced that it would begin work on a new payments fraud study as part of its continuing effort to improve and provide support for security within the payments industry as outlined in last year’s Federal Reserve Next Steps in the Payments Improvement Journey.
The study will be conducted by The Boston Consulting Group (BCG) and is expected to take about four to six months to complete.
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