Posted November, 1 2017NACHA Annual GRAG Meeting
NACHA’s Government Relations Advisory Group (GRAG) is scheduled to convene on Nov. 8 at the Capitol Hill Club for its annual meeting. The meeting’s theme is fintech and access to the banking system. Scheduled speakers include Rep. Bill Foster (D-IL), Rep. Hultgren (R-IL), Matt Lira (Special Assistant to the President for Financial Policy & Initiatives), the Office of the Comptroller of the Currency’s Innovation Office and Politico’s financial services reporter.
Chairman Hensarling Won't Seek Re-election in 2018
On Oct. 31, 2017, Rep. Jeb Hensarling announced he will not seek re-election, marking the end of a political career defined by the Texas Republican's long-running struggle to pare back government intervention in the economy. Hensarling, first elected to Congress in 2002, is in his last term as Chairman of the powerful Financial Services Committee. The lawmakers who could potentially become Chairman of House Financial Services are Rep. Patrick McHenry (R-N.C.), Rep. Blaine Luetkemeyer (R-Mo.), Rep. Frank Lucas and Rep. Ed Royce (R-Calif.). NACHA has good relations with all potential leaders.
Congress Votes to Scrap CFPB’s Arbitration Rule
On Oct. 24, 2017, the U.S. Senate voted to kill a landmark financial regulation that restricts banks and credit card companies from imposing mandatory arbitration on their customers as a means to resolve disputes. The tie-breaking vote was cast by Vice President Mike Pence. Republicans in both Houses took advantage of a time-limited window under the Congressional Review Act that allows them to undo certain regulations. The House of Representatives voted to undo the arbitration rule last July. The bill will go to President Trump to be signed into law.
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