Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

Nacha Government Relations Update – Dec. 13, 2018

Nacha Hosts Annual Government Relations Meeting at Capitol Hill Club
On Dec. 11, 2018, Nacha’s Government Relations Advisory Group (GRAG) held its annual meeting at the Capitol Hill Club. Discussions helped set the tone for what the next two years in Washington may look like, with topics ranging from fintech and cryptocurrency to faster payments and an update on Choke Point. Speakers included Financial Services Reporters Victoria Guida and Zachary Warmbrodt from Politico, Fabrice Coles (Executive Director, Congressional Black Caucus), Aaron Klein (Fellow and Policy Director, Brookings Institute), and Dennis Shaul (CEO, Community Financial Services Association of America). Lydia Beyoud (Financial Technology & Regulatory Technology Reporter for Bloomberg Law) led an interview with Brian Knight (Director of Innovation & Governance, Senior Research Fellow, Mercatus Center). Also speaking were staff from the office of Rep. Warren Davidson (R-OH) the U.S. Department of the Treasury and Cooper & Kirk PLLC.

Nacha Files Comment Letter for Fed RFC on Interbank Settlement of Faster Payments
On Dec. 3, 2018, Nacha filed a comment letter on the Federal Reserve’s Request for Comments on Potential Federal Reserve Actions to Support Interbank Settlement of Faster Payments (the “RFC”). For more information on the request for comment, please click here.

Kathy Kraninger Confirmed as Head of the Bureau of Consumer Financial Protection (CFPB)
On Dec. 6, 2018, the Senate confirmed Kathy Kraninger to serve a five-year term as the new Director of the Bureau of Consumer Financial Protection (CFPB). Currently a White House budget official and previously a lieutenant of Mick Mulvaney (CFPB’s current Acting Director) at OMB, the relatively unknown Trump nominee was approved in a party-line vote (50-49).

While Kraninger has declined to publically outline her priorities or what her first actions might be as the bureau’s leader, she did state that she is planning to embark on a three-month listening tour on which she will be seeking input from various agency stakeholders. In addition, she is working to schedule conversations with former CFPB Director, Richard Cordray and Rep. Maxine Waters (D-CA), nominee expected to become the new Chairwoman of the House Financial Services Committee. Kraninger also indicated that a decision would be made soon regarding an official change in the agency’s name.

Legislative Calendars for 2018
House 2018 Calendar
Senate 2018 Calendar