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Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

Nacha Government Relations Update – Nov. 15, 2018

Midterm Elections: Democrats Take the House, Republicans Add to their Senate Majority
On Nov. 6, 2018, the Democrats took control of the House of Representatives. As of November 12, Democrats had picked up 32 House seats and there were 10 races still undecided. Republicans kept control of the Senate, so far picking up two seats. As of Nov. 12, there were three elections still too close to call and Republicans will likely pick up at least one of the three undecided races.

Rep. Maxine Waters (D-CA) will chair the House Financial Services Committee and either Sens. Mike Crapo (R-ID) or Pat Toomey (R-PA) will chair the Senate Banking Committee. Sen. Crapo, the current Banking Committee Chairman, may move to chair the Finance Committee if Sen. Chuck Grassley (R-IA) decides not to leave his leadership of the Judiciary Committee. If Sen. Crapo moves on, Sen. Toomey will chair the Banking Committee.

Click here to view detailed Election Dashboards as of November 8.

Senate Banking Chairman Crapo & Banking Committee Republicans Send Choke Point Letter to FDIC
On Nov. 7, 2018, Senate Banking Chairman Crapo and the Banking Committee Republicans sent a letter to FDIC Chair McWilliams regarding Operation Choke Point. This letter is a follow-up to documents recently made public about Operation Choke Point and involvement by senior FDIC officials under the Obama administration. The letter asked FDIC to answer four questions included in the letter, to the Senate Banking Committee.

Bank Policy Institute & American Bankers Association Request Rule Re: Role of Supervisory Guidance
The Bank Policy Institute and American Bankers Association have asked financial regulators to issue a formal rule saying that guidance documents do not carry the force of law. On Nov. 5, 2018, BPI and ABA sent a letter to the Federal Reserve, the Office of the Comptroller of the Currency, FDIC and CFPB, in which they commended these agencies for providing guidance in an interagency statement issued on Sept. 11, 2018.

The concern remains that examiners may continue to base examination criticisms on matters not based in law. The letter pointed out that examiners might replace examination-based criticisms with "generic and conclusory assertions about 'safety and soundness' (as opposed to those that identify specific, demonstrably unsafe and unsound practices – the actual relevant legal standard)".

Legislative Calendars for 2018
House 2018 Calendar
Senate 2018 Calendar