NACHA Government Relations Update - March 2, 2017

Posted March, 1 2017

NACHA Hosts British Consulate’s Office Trade Mission
On Feb. 27, 2017, NACHA hosted a trade group representing the UKs Department for International Trade. The meeting focused on ACH and Financial Innovation. The delegation learned about NACHA’s role in the ACH Network, Same Day ACH, Elevation and the Payments Innovation Alliance. After the meeting, the British delegation flew to the Federal Reserve Bank of Atlanta for a payments symposium that included Mike Herd from NACHA speaking in detail about faster ACH payments.
NACHA Addresses CUNA Payments Policy Subcommittee Meeting
On Feb. 27, 2017, NACHA presented to the CUNA Payments Policy Subcommittee Meeting, which was held in Washington DC. Topics included newly released Same Day ACH volume and statistics, Same Day ACH Phase 2, America Saves Week and split deposit promotion and new options for Credit Unions who wish to originate Same Day ACH. 
NACHA Attends First Congressional Fintech and Payments Caucus Briefing
On Feb. 24, 2017, NACHA attended the first Congressional Fintech and Payments Caucus briefing of the 115th Congress – entitled Fintech 101. The briefing looked at how the financial and technology industries are coming together to innovate new ways to bank, save for retirement and make payments. The topics included equity crowdfunding, marketplace lending, robo-advisers and payments. Confirmed panelists included:
  • Rob Morgan, VP Emerging Technologies, ABA
  • Amie J. Woeber, Federal Government Relations Manager, PayPal
  • Jesse Silverman, Head of Regulatory, LendUp
  • Campbell Gibson, Head of Public Policy, Avant 
NACHA Talks Split to Save
Workers are not saving enough to cover emergencies and planned expenses that crop up on an annual basis. Despite the proven financial benefits of Direct Deposit and Split Deposit – the ability to automatically direct a fixed percentage of pay into a savings or investment account – many of our nation’s workers are not taking advantage of this free tool to help increase savings. Currently, 82 percent of the nation’s workers receive Direct Deposit of their pay, but only 24 percent use Split Deposit – one of the easiest ways to grow savings over time.
On Feb. 23, 2017, NACHA GR staff led a complimentary webinar on the “Split to Save” campaign, which is designed to empower businesses, nonprofits and others to help workers increase their personal savings and build wealth through Split Deposit. Also, the campaign has made available a “Split to Save” Toolkit to encourage more Direct Deposit and Split Deposit use to obtain savings goals. In addition to the kickoff webinar, GR staff is promoting the campaign to Congressional staff to encourage savings among staffers on Capitol Hill.
Hensarling’s Choice Act Slated for Floor Action in the House in Months
On March 1, 2017, Rep. Blaine Luetkemeyer (R-MO) told attendees of a credit union conference that the Choice Act will see floor action in the next two to three months. The Financial Choice Act is a bill sponsored by House Financial Services Chairman Jeb Hensarling (R-TX) that seeks to undo parts of the 2010 Dodd Frank law. A major reform of the CFPB is included, however, the bill will likely be altered once the Senate takes it up.
Trump Cabinet Confirmation Tracker – Updated
As of Feb. 28, 2017, The Trump Cabinet is largely in place, but many vacancies remain. Visit the nomination tracker for the latest updates. 
GAO Releases Report on Treasury’s Use of Financial Agents
On Feb. 24, 2017, the Government Accountability Office (GAO) released a report entitled Revenue Collections and Payments: Treasury Has Used Financial Agents in Evolving Ways but Could Improve Transparency in response to a request for GAO review of the Department of the Treasury’s use of financial agents. In the report, the GAO reviewed:
  • “How Treasury’s use and compensation of financial agents has changed as it has modernized its payment and collection systems.”
  • “Fiscal Service’s process and related internal controls for selecting and designating financial agents.” 
Concluding the report, the GAO’s recommendation is that information regarding Treasury’s financial agents, (including compensation and services provided) should be disclosed publicly, in a centralized location.
Senate Committee Rosters Completed
As of Feb. 21, 2017, The Committee assignment process in the Senate is complete. See the Roster for a listing of Senate Committee membership.

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