NACHA Government Relations Update - July 27, 2017

Posted July, 26 2017

Varo Money Announces Application for Federal Bank Charter
On July 25, 2017, Varo Money, Inc., a two-year-old mobile banking startup announced it has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter and to the Federal Deposit Insurance Corporation (FDIC) for federal deposit insurance, with the intention of forming Varo Bank, N.A. – and becoming America’s first mobile-only national bank.
The application makes Varo Money – which has received funding from the private equity firm run by former Treasury Secretary Timothy Geithner – the first fintech startup to formally apply for a federal banking charter and one of few startups currently aiming to compete directly with traditional banks.
Website Accessibility No Longer a Top Priority for DOJ
Website accessibility is no longer a top priority for the Department of Justice, according to the Trump administration's recently released rulemaking agenda for the remainder of 2017 and 2018. The DOJ had announced previously that it would propose regulations in 2018 regarding website accessibility under Titles II and III of the Americans with Disabilities Act. However, these actions were categorized as “inactive” on the updated rulemaking schedule and no longer reflect a target date.
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