NACHA Government Relations Update - Feb. 16, 2017

Posted February, 15 2017

CFPB Granted Rehearing of Court Ruling
On Feb. 16, 2017, The U.S. Court of Appeals for the District of Columbia Circuit’s full bench issued an order to review an October 2016 ruling in the case of PHH Corp. v. CFPB, which found the Consumer Financial Protection Bureau’s leadership framework constitutionally flawed and permitted the White House to dismiss CFPB’s Director, Richard Cordray, for any reason. This new ruling is seen as a setback for the bureau’s critics as it could make removal of Director Cordray more difficult.

NACHA Submits Comments on Enhanced Cyber Risk Management Standards

On Feb. 13, 2017, NACHA – The Electronic Payments Association (“NACHA”) provided comments on the joint Advance Notice of Proposed Rulemaking (the “ANPR”) regarding enhanced cyber risk management standards published by the Board of Governors of the Federal Reserve System (“Board”), the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation (“FDIC”) (collectively the “Agencies”).
Comments on 12 NYCRR Part 192 Governing the Methods of Payment of Wages, from APA, NACHA & AFP
On Feb. 10, 2017, The American Payroll Association, NACHA–The Electronic Payments Association, and the Association of Financial Professionals filed comments with the New York Department of Labor on the notice and consent templates posted by the New York State Department of Labor on January 19, 2017, in connection with its Final Rule on Methods of Payment of Wages, codified at 12 NYCRR Part 192.
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