Posted January, 5 2017Video Available: NACHA Hosts Congressional Staff Briefing on Same Day ACH: Moving Payments Faster
On Dec. 9, 2016, NACHA hosted a group of congressional staff, regulators and industry partners for a Lunch-N-Learn on Faster Payments and the exciting innovation occurring on the ACH Network since the implementation of Same Day ACH. A panel of experts reviewed newly released volume and usage statistics of Same Day ACH and how the market is innovating around this faster payment option. Representatives from NACHA, the Independent Community Bankers of America (ICBA) and North American Banking Company discussed faster payments and demoed a new payments application, the “All Payments App”, that ensures ubiquitous access to faster payments for large and small financial institutions and their customers across the country.
North American Banking Company and ICBA revealed the “All Payments App” as part of the Federal Reserve Faster Payments Task Force proposal.
Watch the Video here.
Audio Available: GRAG Webinar Series: PHH v. CFPB, 2017 Outlook / 2016 Election & Impact to Financial Services Policy
On Dec. 8, 2016, NACHA’s Government Relations Advisory Group participated in a two-part webinar series.
PHH v. CFPB, 2017 Outlook
The first webinar presentation was on the recent court case that has declared the structure of the CFPB as unconstitutional, as well as scenarios for replacing Richard Cordray as head of the agency.
Speaker Allyson Baker of the Venable Law Firm is a trial attorney and civil litigator with more than a decade of experience in the federal government and private practice. Ms. Baker focuses on financial services litigation and law enforcement investigations involving consumer finance, financial fraud and complex financial transactions. Ms. Baker was an Enforcement Attorney at the CFPB where she served as lead counsel in In the Matter of Discover Bank, which was one of the first enforcement actions in agency history and resulted in one of the largest agency settlements to date. She was a member of the initial team of attorneys hired to stand up the CFPB's Office of Enforcement. As part of this effort, she helped formulate policies on litigation and investigations.
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2016 Election and Impact to Financial Services Policy
The second webinar in the series was about the election results of 2016 and the impact to financial services policy. Speaker Mathew Lapinski took the group through an inside look of those in power in a post-Obama era Washington.
Mat Lapinski serves as Executive Vice President for Federal Affairs at Crossroads Strategies, a bipartisan, multi-disciplinary federal relations, advocacy and advisory firm based in Washington DC. Mr. Lapinski represents a broad spectrum of clients across multiple practice areas and has over a decade of advocacy experience in the complex corridors of Washington’s federal legislative and regulatory institutions.
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Federal Reserve Board Proposes to Establish Guidelines to Broadly Outline Considerations for Evaluating Joint Account Requests at Reserve Banks
In late December, the Federal Reserve Board requested comment on proposed guidelines that would be used to evaluate requests for joint accounts at Federal Reserve Banks. The accounts are intended to facilitate settlement between depository institutions participating in U.S. payment systems.
The Federal Reserve Banks typically permit a single master account per eligible depository institution. In limited cases and for specific purposes, the Reserve Banks have in the past opened joint accounts held for the benefit of multiple depository institutions, which are managed by an agent on behalf of those depository institutions. In light of ongoing developments to improve the U.S. payment system, including the Federal Reserve’s Strategies for Improving the U.S. Payment System efforts, the Board anticipates interest by industry participants in establishing joint accounts to facilitate settlement.
The Board proposes to establish guidelines to broadly outline considerations for evaluating joint account requests. Requests would be evaluated on a case-by-case basis, and more specific considerations and information necessary to evaluate a particular request would likely be required based on the complexity of the arrangement and other factors.
Comments on the proposed guidelines are requested within 60 days of publication in the Federal Register Notice.