Posted March 29, 2017
NACHA Announces Annual Capitol Hill Day – June 8, 2017
NACHA’s next Capitol Hill Day will be held June 8, 2017. The event includes a full day of meetings and an end-of-day reception on Capitol Hill. The visit is designed to facilitate NACHA Members’ continued outreach with targeted Members and Congressional staffers as well as education on the ACH Network, the value of private-sector rulemaking and NACHA’s role in governing the Network. These visits also remind Congressional staffers that NACHA and our Direct FI and RPA Members can serve as expert resources for payments-related topics. If you are interested in attending, please contact Bill Sullivan at firstname.lastname@example.org
NACHA Meets with United States Treasury, Bureau of Fiscal Services
On March 27, 2017 NACHA had their bi-yearly meeting with the executive team at the Bureau of Fiscal Services. This strategic meeting covered US government initiatives in both collections and payments and how the ACH Network can help Treasury achieve their objectives. The highlight of the meeting included discussion on the timing of the Federal Government receiving and originating Same Day ACH. NACHA will continue to meet with Fiscal Services staff to ensure the ACH is positioned to help Treasury continue to innovate on federal collections and payments.
Senate Banking Committee on Banking, Housing, & Urban Affairs Hearing - “Fostering Economic Growth: The Role of Financial Companies”
Witness Panel 1
On March 28, 2017, The Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing entitled “Fostering Economic Growth: The Role of Financial Companies.” The hearing focused on ways that economic growth can be supported through regulatory relief for financial institutions and corporate users of the financial system. The panelists advocated for regulatory relief that would expand lending opportunities into the community. However, concerns were raised that there is the potential for additional harm if ability to repay and other limits are removed, potentially creating another credit crisis in the US economy. Witness testimony and hearing details are available here.
Regulators Urge Roll Back on Community Bank Regulations
On March 21, 2017, the Federal Reserve, Office of the Comptroller of the Currency and FDIC, in conjunction with the National Credit Union Administration released a 440-page report to Congress (as required by the Economic Growth and Regulatory Paperwork Reduction Act) which focused especially on regulatory burdens faced by community banks. With Congress looking for ways to boost economic growth by rolling back financial regulations, the regulators mostly pointed towards those impacting smaller lenders. Following the report’s submission, outgoing Fed. Gov. Daniel Tarullo sent a letter to the leaders of the congressional banking committees, in which he expressed the need to make supervision less burdensome for community banks in addition to regulation.
CFPB Requests Public Comment Re: Remittance Rule Assessment
On March 17, 2017, the Consumer Financial Protection Bureau (CFPB) issued a notice seeking public comment on the bureau’s plan to assess regulations regarding consumer remittance transfers under the Electronic Fund Transfer Act (subpart B of Regulation E) in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Comments must be received on or before May 23, 2017.
Legislative Tool Kit
House 2017 Calendar
Senate 2017 Calendar