Posted September 14, 2015
NACHA Attends Congressional Payments Technology Caucus Reception in Atlanta
On Sept. 1, 2015 in Atlanta, the Congressional Payments Technology Caucus (CPTC) held its first Member reception in Atlanta. NACHA was pleased to participate along with the Electronic Transactions Association, The American Transaction Processors Coalition and the Georgia Technology Association. NACHA Members attended the reception as guests of the CPTC as a result of the strong ties between NACHA and the CPTC. Representatives Lynn Westmoreland (R-GA 3rd District) and David Scott (D-GA 13th District), co-Chairmen of the CPTC, gave remarks to those in attendance. They spoke about the importance of payments to the U.S. economy and economic development, international payment standards, innovative payment technology and the impact of Operation Choke Point. Representative Tom Price (R-GA 6th District) was in attendance as a guest.
The Chairmen announced a very busy fall schedule for the CPTC, beginning with a Sept. 24 staff briefing on the EMV liability shift, a Nov. 2015 mobile payment briefing, a Jan. 2016 Payments 101 briefing, and a briefing on ACH payments in early 2016.
NACHA looks forward to continued engagement with the CPTC, and helping to shape the conversation about the importance of payments to consumers and businesses.
NACHA Attends CFPB Ombudsman’s Forum
On Sept. 9, 2015 NACHA was an invited guest to attend the CFPB’s first Ombudsman’s Forum. This invitation-only event was closed to the public, press and all non-CFPB Ombuds staff. Discussions were confidential but included dialogue on regulatory compliance, supervision and enforcement, field hearings and general CFPB communications and outreach. The meeting was very small and NACHA was the only FI membership organization represented.
GAO Provides Report on TARP Activities and Performance as of Aug. 2015
As part of the U.S. Government Accountability Office’s broad oversight of actions taken under the Troubled Asset Relief Program (TARP) established by the Emergency Economic Stabilization Act of 2008 (EESA), the agency is required to report on TARP activities and performance at least every 60 days. As of Aug. 2015, the GAO has made 72 recommendations to the Department of the Treasury (Treasury) as a result of its audits, of which Treasury has implemented 59 (about 82 percent) to date. Of the remaining recommendations, four have been partially implemented by Treasury, three remain open and six have been closed without being implemented. The current report focusses on Treasury’s implementation of recommendations regarding the Capital Purchase Program (CPP) and Making Home Affordable (MHA) program.
Federal Reserve System Announces Appointment of Payments Security Strategy Leader
On Sept. 10, 2015 the Federal Reserve System issued a press release announcing the appointment of Todd Aadland (SVP, Federal Reserve Bank of Chicago) as its Payments Security Strategy Leader. Among his responsibilities in this role, he will chair the Secure Payments Task Force. "Todd's combination of business experience and technical expertise is exactly what is needed to partner with the industry on improved payments security," stated Gordon Werkema, who was named as Payments Strategy Director in May of this year.
Patent Reform Supporters Predict Late Fall Timeline
As Congress reconvenes this month after the August recess, supporters of the Innovation Act and PATENT Act are optimistically predicting that they will be able to bring the two bills to the floor by mid-November. While focus in September will be on the proposed nuclear agreement with Iran, immigration reauthorization and a government funding measure, members in both chambers are planning around a late-fall timeline for the two bills to reach the floor. Rep. Darrell Issa (R-CA) indicated that in the meantime work is being done to increase support for the Innovation Act stating “We do believe that after misinformation led to people not supporting the bill that they had previously voted for, one by one we're getting them back with real information." Both Rep. Issa and Senate Judiciary Chairman Chuck Grassley (R-IA) expressed a pessimistic outlook for an exemption provision requested for both bills by life sciences industries.
NACHA’s GR team has compiled a summary of the Congressional work period for the month of September. The summary highlights anticipated congressional activity for the September Work Period. (See the Related Materials in the right side bar.)
Legislative Tool Kit
House 2015 Calendar (in the right hand bar)
Senate 2015 Calendar (in the right hand bar)