Posted April 11, 2016NACHA’s quarterly Government Relations Digest reflects current payments system policy issues of potential impact to the ACH Network and other retail payment channels. The following are some highlights most relevant to NACHA Members. Click here for the full Q1 Digest or view the bottom right-hand bar.
Cyber and Data Security
- On March 2, 2016, Rep. David Jolly (R-FL) introduced H.R. 4663, the No Taxpayer Support for Apple Act, which would prohibit federal agencies from purchasing Apple products until Apple provides law enforcement with the necessary technical support to access encrypted information sought by a warrant that may be materially relevant to the commission of terrorist acts. (See page 5 for more information.)
- On February 10, 2016, Rep. Ted Lieu (D-CA) introduced H.R. 4528, the Ensuring National Constitutional Rights for Your Private Telecommunications (ENCRYPT) Act of 2016, which would establish a uniform, national policy for the interstate use of encryption technology that would pre-empt any state encryption laws. (See page 6 for more information.)
- On March 31, 2016, the OCC published a paper on responsible innovation in the federal banking system. (See page 14 for more information.)
- On February 18, 2016, the CFPB finalized its version of its policy on no-action letters, which creates a process for FinTech companies to apply for a no-action letter from the Bureau’s staff. (See page 15 for more information.)
- On January 19, 2016, the CFPB released a request for comment soliciting input about: (1) whether the CFPB’s information collection from financial services providers regarding compliance costs and other effects of regulation is necessary and accurate; and (2) ways to minimize the burden on the collection of information on respondents. (See page 15 for more information.)
- On February 25, 2016, Rep. Elijah Cummings (D-MD) introduced H.R. 4619, the Whistleblower Augmented Reward and Nonretaliation (WARN) Act of 2016, which would provide more incentives for reporting financial crimes by expanding protections for such whistleblowers. On the same day, Sen. Tammy Baldwin (D-WI) introduced an identical bill, S. 2591.
- On February 9, 2016, Rep. Randy Hultgren (R-IL) introduced H.R. 4500, the Community Bank Reporting Relief Act, which would amend the Federal Deposit Insurance Act to provide regulatory relief for quarterly reporting. (See page 18 for more information.)
- On March 10, 2016, Sen. Jerry Moran (R-KS) introduced S. 2663, the Reforming CFPB Indirect Auto Financing Guidance Act, which would repeal CFPB Bulletin 2013-02, in which the Bureau maintained that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory practices and gave guidance for indirect auto lenders about how to address fair lending risk. (See page 39 for more information.)
- On February 25, 2016, Sen. Jeff Merkley (D-OR) introduced S. 2592, the Medical Debt Relief Act of 2016, which would prohibit consumer rating agencies from making a consumer report that contains medical debt that has been delinquent for less than 180 days. (See page 39 for more information.)
- On February 17, 2016, the CFPB published a request for comment about its information collection utilized to evaluate the implementation of the Equal Opportunity Credit Act (Regulation B) soliciting comments about whether this information collection is useful, accurate, and necessary and about ways to reduce the burden for respondents on collecting this information. (See page 38 for more information.)