NACHA Government Relations Update - Sept. 7, 2017

Posted September, 6 2017

Fed Vice Chairman Fischer Resigns
On Sept. 6, 2017, Federal Reserve Vice Chairman Stanley Fischer submitted his resignation from the Board of Governors citing “personal reasons”. Fischer has been a member of the Federal Reserve Board since May 28, 2014 and has served as Chairman of the Board's Committee on Financial Stability and the Committee on Economic and Financial Monitoring and Research. He also represented the Board at various international bodies including the Financial Stability Board and the Bank for International Settlements.
Fischer’s departure (effective Oct. 13, 2017), will leave a clear opening on the Board should President Donald Trump choose to nominate someone from outside the agency for a Fed chair. It is expected that Carnegie Mellon professor Marvin Goodfriend will be the nominee for an additional open seat, while the nominee for a third seat must be someone who has community banking experience.
American Technology Council Unveils Plan to Strengthen Government Cybersecurity
On Aug. 30, 2017, the White House's American Technology Council published a report proposing a broad, yearlong plan to upgrade the federal government's cyber defense systems by moving digital services to the cloud and establishing a ranking process to prioritize security upgrades for the most critical IT systems.
The report, a requirement of President Trump’s cybersecurity executive order, is the first major step in an aggressive IT modernization plan, led by Jared Kushner, Head of the Office of American Innovation, and Chris Liddell, a former Microsoft executive now directing the American Technology Council.
The ATC is accepting public comments on the report until Sept. 20, 2017.
CFPB Director Refuses to Disclose Exit Date
On Aug. 30, 2017, CFPB Director, Richard Cordray dodged questioning about whether he intends to serve out the rest of his term, stating "At this time, I have no further insights to provide on that subject." Director Cordray also denied that his actions regarding the CFPB's upcoming payday lending rule have been informed by any political considerations.
On August 18, House Financial Services Chairman, Jeb Hensarling sent Director Cordray a letter demanding that he disclose his exit date or announce he is running for governor of Ohio. Citing reports suggesting that the CFPB has been pushing to finish the payday lending rule before Cordray's departure in time for him to establish his candidacy, Hensarling stated "Simply put, there is no valid legal basis for accelerating a federal rulemaking to satisfy an arbitrary deadline necessitated by election dates established under Ohio law." He went on to say, "If this is the case, it undoubtedly opens the bureau's rule up to legal challenge."
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