NACHA Government Relations Update - Feb. 22, 2018

Posted February 21, 2018

Treasury Releases Report on Dodd-Frank's Orderly Liquidation Authority
The Treasury Department on Wednesday released its long-awaited report on orderly liquidation authority, the power that allows the government to take over and unwind large financial institutions. The report did not recommend getting rid of the authority but suggested changes that will make the terms more restrictive.

 
Data Security Bill Being Drafted
On Feb. 16, 2018, Rep. Luetkemeyer circulated a draft legislation that would establish new federal standards for handling data breaches, re-opening a long-running policy debate about what businesses should do when they lose consumers' identifying information.
The draft legislation includes a series of steps that companies would need to follow once they believe customers' personal information has been put at risk. NACHA believes Congress will hold hearings in March as they finalize the bill language.

 
CFPB Seeks Input on their Supervision
The Consumer Financial Protection Bureau (CFPB) is seeking comments and information from interested parties to assist the Bureau in assessing the overall efficiency and effectiveness of its Supervision Program and, consistent with the law, considering whether any changes to the program would be appropriate.
 
The request for information is the latest in a series ordered by acting Director Mick Mulvaney, who last month said virtually all the bureau's practices and actions would be open to reconsideration. Comments can be submitted within 90 days of the RFI's publication in the Federal Register.
 
 
CFPB Seeks Input on their Enforcement Processes
The Consumer Financial Protection Bureau (CFPB) is seeking comments and information from interested parties to assist the bureau in assessing the overall efficiency and effectiveness of its processes related to the enforcement of Federal consumer financial law and, consistent with the law, considering whether any changes to these processes would be appropriate. Comments must be received by April 13, 2018.
 
 
Legislative Calendars for 2018
House 2018 Calendar
Senate 2018 Calendar

Access: Public