Senate & House Hold Hearings on Faster Payments
The Senate and House both held hearings last week regarding Faster Payments in the U.S. Nacha provided a Statement for the Record for each hearing.
Click here for a summary of the Senate Banking Committee Hearing: “Facilitating Faster Payments in the U.S.”
Click here for Nacha’s Statement for the Record for the Senate.
Click here for a summary of the House Financial Services Committee Hearing: “The Future of Real-Time Payments”
Click here for Nacha’s Statement for the Record for the House.
Click here for the Sept. 23, 2019 CRS Report: “U.S. Payment System Policy Issues: Faster Payments and Innovation”
Nacha on the Hill in Advance of Faster Payments Hearings
Nacha’s Bill Sullivan met with staff from the House Financial Services Committee’s Fintech Task Force in a series of 15 meetings to help staff understand and prepare for the Senate and House faster payments hearings. Conversations included Same Day ACH, Direct Deposit and the FedNow system supporting all payment types and not just an immediate or instant payment.
Nacha Highlights TPPPA Conference Panel
Nacha’s Bill Sullivan and Scott Talbot of ETA addressed the Third Party Payments Processors Conference on the efforts of educating DC policymakers on payment-related matters with an eye toward policy discussions that may impact third parties. Topics included expanding National Settlement Service hours, faster payments, cannabis banking, sports betting, data privacy and federal vs state legislation.
Nacha Meets with Regulators
Nacha’s Mike Herd, Jordan Bennett and Bill Sullivan met with federal regulators in the tri-annual in-person meeting at OCC Headquarters. Topics included ACH volume, ODFI risk management, contact registration, APRP, Nacha Certified as well as regulator update.
House Passes Cannabis Legislation
On Sept. 25, 2019, the U.S. House passed legislation that would allow banks and credit unions to provide financial services to state-authorized cannabis businesses without federal penalties.
- Vote on HR 1595 (SAFE bill) was 321-103
- NOTE: The bill is intended to make it easier for marijuana dispensaries and growers — as well as real estate owners, law firms, and other businesses — to access the banking system instead of relying on cash.
- Additional NOTE: Bill was written to get a more favorable response from Senate Banking Chair, Mike Crapo & Senate Majority Leader, Mitch McConnell.
- The latest version of the legislation includes specific language stating that banks doing business with hemp
companies will not face federal punishment. Many Republicans, including Senate Majority Leader McConnell,
have been touting the legalization of hemp in the 2018 farm bill as a major legislative achievement.
- The new House version would also prevent any revival of an Obama-era program — known as “Operation
Choke Point” — that GOP lawmakers say targeted payday lenders and gun retailers that will help garner GOP
- The hemp language will appeal to Sen. McConnell’s attention,” and The anti-Choke Point language will get
Senate Banking Chairman Crapo’s support that could lead to a bill advancing in the Senate and becoming
Legislative Calendars for 2019