Posted October 31, 2018
Congressional Black Caucus Urges Fed to Mandate Instant Payments & Include ACH in Modernization Effort
On Oct. 29, 2018, The Congressional Black Caucus wrote a letter to Chairman Powell urging the Fed to mandate instant payments and include The ACH Network in this modernization effort. The CBC letter specifically urges the Fed to modernize its own infrastructure to be able to accomplish this goal with the ACH system. The letter also says the CBC members believe the preponderance of the evidence shows overwhelming public benefit of a faster payments system. The CBC closes that with the public benefits so clear and the costs dire, the Board should move expeditiously toward implementing a faster payments system.
CFPB to Issue New Payday Lending Regs in January
On Oct. 26, 2018, the CFPB announced that it will issue a Notice of Proposed Rulemaking to address two crucial elements of the payday lending rule. The Bureau announced that it will be looking for feedback on the requirements for payday lenders to determine if borrowers can afford loans and they will consider delaying the rule’s effective date. The rule was scheduled to go into effect in August 2019.
The original rule was completed in October 2017. The regulation was one of Director Richard Cordray’s final acts at CFPB. Acting CFPB Director Mick Mulvaney has publically announced that the bureau was going to reconsider the rule shortly after President Donald Trump tapped him to replace Cordray.
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