Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

844 results

Nacha Government Relations Update

June 30, 2014
Consumer Financial Protect Bureau (CFPB) On June 26, 2014, the U.S. Supreme Court invalidated President Obama’s authority in nominating members to the National Labor Relations Board (NLRB), sparking questions about possible “after-effects” in connection with CFPB Director Richard Cordray's ratification of actions prior to his Senate confirmation. The court held that President Obama was barred from making appointments during the three-day pro-forma period, concluding that such short recesses do not require House consent, thus not invoking the President’s recess-appointment power.
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Nacha Government Relations Attends "Preventing Third Party Cyberattacks" Event

June 24, 2014
On June 24, 2014, Nacha Government Relations attended an interactive conversation focusing on the impact of third party cyber threats have on financial markets. The panelists were Greg Garcia, executive director of the Financial Services Sector Coordinating Council, Mischel Kwon, president and CEO of Mischel Kwon and Associates, James Lewis, director and senior fellow of the Technology and Public Policy Program at CSIS, and Larry Zelvin, director of the National Cybersecurity and Communications Integration Center at DHS.
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Nacha Government Relations Attends Dodd-Frank Discussion

June 17, 2014
Between June 16 and 17, Nacha Government Relations attended "After Dodd-Frank: The Future of Financial Markets” hosted by the CATO Institute and George Mason University, in Washington. Capitol Hill speakers included Chairman Jeb Hensarling, House Financial Services Committee, and Chairman Patrick McHenry, Oversight and Investigations Subcommittee. Both delivered keynote messages focused on implementation hurdles after the Wall Street Reform and Consumer Financial Protection Act (Dodd-Frank) was signed into law, four years ago.
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Nacha Government Relations Update

June 16, 2014
Nacha’s Government Relations update provide insights to policy matters, at the federal and state level, that could impact the ACH Network. Payments News On June 10, 2014, Independent Resources Network Corp., doing business as IRN Payment Systems (IRN), a payment processing company, “agreed to pay or relinquish $1.1 million to settle Federal Trade Commission charges under the Telemarketing Sales Rule (TSR) that it knowingly assisted and facilitated a credit card interest rate reduction scam costing consumers nearly $10 million.” The case began in January 2013, when the FTC filed a complaint na
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Nacha Adds New “Examiner” School of Study to The Payments Institute Curriculum

June 11, 2014
Today, Nacha announced the addition of a new School of Study to The Payments Institute (TPI) curriculum. The “Examiner Track” School of Study provides TPI attendees with information, tools and resources to better assess and mitigate payments system risk. Coursework will focus on regulatory guidance, vendor management and risk assessment techniques.
Press Release

CFPB Semi-Annual Report to Congress

June 10, 2014
On June 10, 2014, Director Richard Cordray testified before the Senate Banking Committee at a hearing entitled, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” Key discussion topics included: Data Collection: As has been a topic of previous hearings, Senators Crapo (R-ID) and Toomey (R-PA) spent considerable time pressing Cordray on the agency's data collection efforts, and the ability for that information to be reverse engineered.
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CFPB Mobile Financial Services Discussion

June 10, 2014
On June 11, 2014, the Consumer Financial Protection Bureau announced that it is launching an inquiry into mobile financial services, focusing on how the use of these technologies are impacting underserved consumers with limited access to the banking system.
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Federal Reserve Nominees

June 10, 2014
Nominees for the Federal Reserve Board cleared a procedural hurdle in the United States Senate, and they are expected to be confirmed today, Thursday, June 12.
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CFPB Delays Timetable for Prepaid Card Rule

June 10, 2014
The Consumer Financial Protection Bureau previously estimated that it would propose prepaid card rules in “the coming weeks,” projected for mid-June. However, after months of testing model disclosures with consumers around the country, Director Richard Cordray announced to the Senate Banking Committee that more time is needed and rules are now expected by end of summer. “It doesn’t indicate any particular problem about the rulemaking, just that it’s hard to work through some of these particular issues. We’re getting there and we’ll have something soon,” says Cordray.
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Nacha Government Relations Attends Discussion with the CSIS and the Treasury Department

June 2, 2014
On June 2, 2014, Nacha Government Relations attended the Center for Strategic and International Studies (CSIS) and the Treasury Department discussion on "TFI@10: The Evolution of Treasury's National Security Role," marking the 10-year anniversary of the Treasury Department's Office of Terrorism and Financial Intelligence. Tomorrow, the Senate Banking Committee plans to markup the Terrorism Risk Insurance Act, S. 2244, which would extend for seven years the government's financial backstop of terrorism insurance.
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Nacha Government Relations Update

June 1, 2014
Nacha’s Government Relations update provide insights to policy matters, at the federal and state level, that could impact the ACH Network. Nacha Activity On May 21, 2014, Nacha Government Relations met with Senior Senate Banking staff to discuss the Department of Justice’s (DOJ) “Operation Choke Point” initiative. The meeting was part of Nacha’s on-going commitment to educate and advocate for the ACH network. Questions centered on bank regulators use of “reputational risk” as a vehicle for attacking legal businesses.
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