Posted April 11, 2017
OCC Office of Innovation Has First Ever "Office Hours"
Payments professionals are invited to send a request to attend the OCC’s Office of Innovations first ever "Office Hours" in San Francisco, California.
“Office Hours” is an opportunity to have a candid discussion with OCC staff regarding financial technology, new products or services, partnering with a bank or fintech, or any other matter related to financial innovation. Agency staff will provide feedback and respond to your questions. Attendees will learn about the OCC’s perspective on how to effectively and responsibly engage in innovation.
When requesting one of the 15 one-hour meetings, the OCC asks that some information is provided about why an individual or organization is interested in meeting with the agency. Depending on the demand, the Office of Innovation may not be able to meet all requests. OCC Acting Chief Innovation Officer Beth Knickerbocker will attend each of these meetings, along with other OCC experts.
Cordray Delivers Semi Annual Report to House, Senate Hearing Not Scheduled
On April 5, 2017, Director of the CFPB Richard Cordray delivered the CFPB's semi-annual report to the House of Representatives. The Dodd -Frank Act requires the Bureau Director to publish a semi-annual report on the Bureau’s activities and to testify on the report before the House Financial Services and Senate Banking Committees. On Dec. 15, 2016, the Bureau issued its tenth Semi-Annual Report to the President and Congress. The Report covers the Bureau’s activities from April 1, 2016 through Sept. 30, 2016.
The hearings were contentious, with many Republicans expressing disapproval about the scope of the CFPB's rulemaking. Chairman Hensarling reiterated his belief that Director Cordray could be removed “for cause” by the President. Democrats generally championed the mission of the CFPB and continue to support its independence and structure.
Testimony can be read here.
Hensarling to Re-Introduce CHOICE Act
House Financial Services Chairman, Jeb Hensarling will be introducing the CHOICE Act later this month. We obtained a summary chart of his current bill vs the bill he introduced in the 114th Congress. This House bill will likely move through the House of Representatives quickly but the Senate will likely only address a portion of this bill and not introduce a companion bill in the 115th Congress. NACHA’s GR team will continue to monitor this bill and continue to meet with congressional staff on these issues. In addition, it is sure to be a hot topic on our Hill Day this June.