Nacha Government Relations Update – Sept. 6, 2018

Sullivan Talks Faster Payments, APIs and B2B Directories on Capitol Hill
Bill Sullivan, Nacha’s Head of Government & Industry Relations, spent much of the Congressional recess meeting with House and Senate staff with an eye towards the November mid-term elections. Meetings included a myriad of topics including, but not limited to, the API work of ASIG, the Alliance work on faster payments and the proof of concept work on B2B directories.

November’s Congressional elections may bring changes to Senate Banking and House Financial Services Committee leadership. Nacha’s GR focus has been to educate both Congressional Members and staff on the ACH Network, private sector rulemaking as well as the ability of Nacha to bring diverse organizations together to promote payments innovation.

Van Hollen Sends Letter to Federal Reserve Chairman Urging the Fed to Move More Quickly on Plans to Speed Up the Payments System
Senator Van Hollen has sent Federal Reserve Chairman Jerome Powell a letter urging the Fed to move more quickly on plans to speed up the payments system. Van Hollen is a member of the Senate Banking Committee. Van Hollen asked Powell to respond with feedback on what action is needed from regulators, industry and Congress to implement real-time payments.

OCC Issues First Full Bank Charter to Financial Technology Startup
The Office of the Comptroller of the Currency has approved the first application by a fintech to become a national bank.

Varo Money, now going by Varo Bank, announced the preliminary approval by OCC to become a full bank charter, rather than the special purpose national bank charter.

Clarida Confirmed as Fed Vice Chair
The Senate confirmed Richard Clarida as Vice Chairman of the Federal Reserve Board, filling out Chairman Jerome Powell's leadership team. The Vice Chair position opened when Vice Chairman Stanley Fischer resigned in October for personal reasons.

Even with Clarida's confirmation, the Fed still has three vacancies on its seven-member Board. Carnegie Mellon Professor Marvin Goodfriend and Kansas State Bank Commissioner Michelle Bowman are also pending before the Senate.

Legislative Calendars for 2018

House 2018 Calendar

Senate 2018 Calendar