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September 15, 2020
As the coronavirus pandemic raged across the country, the U.S. government turned to Direct Deposit to deliver millions of stimulus payments to Americans. On April 15, exactly as the IRS instructed, 81 million Americans woke up to find their stimulus payments safely in their bank accounts…
ACH, ACH Network, ACH Operations, Advocacy, Direct Deposit, Direct Payment via ACH, Faster Payments, Legislative and Regulatory
September 1, 2020
The Nacha Board Nominating Committee is pleased to announce that the Nacha Board of Directors has approved the initial slate of candidates, as presented by the Board Nominating Committee, for election to the seven Nacha director seats that are being filled through the 2020 Board election process.…
NACHA Governance
August 19, 2020
Federal Reserve Explores Digital Currencies
On Aug. 13, 2020, The Federal Reserve issued a press release highlighting the research and experimentation the central bank system has been conducting to enhance its understanding of digital currencies and their use by central banks. Additionally, as an…
Government Relations News
August 19, 2020
Despite Concerns Over Mail Delivery, Overwhelming Majority of Federal Government Payments Continue to be Made On Time
More than 97% of Recipients of Social Security and Veterans Benefits Rely on Direct Deposit
HERNDON, Va., August 19, 2020 – In recent days, significant concerns have been raised over the delivery of payments from the Social Security Administration and the Veterans Benefits Administration…
ACH, ACH Network, Advocacy, Direct Deposit, Government Relations News
August 4, 2020
SBA Inspector General Reports ‘Widespread’ Fraud in Economic Injury Disaster Loan Program
On July 28, 2020 the Office of the Inspector General for the U.S. Small Business Administration issued a memo reporting findings of "widespread potential fraud" in the agency’s flagship Economic Injury…
Government Relations News
July 23, 2020
On July 20, 2020 the Federal Deposit Insurance Corporation (FDIC) announced the agency has issued a new Request for Information (RFI) as part of its FDiTech initiative. The RFI is asking for public comment regarding the potential creation of a public-private partnership to set standards and a…
Government Relations News
July 15, 2020
CFPB Issues Final Rule on Small Dollar Loans, Easing Restrictions for Payday Lenders
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) announced it has issued a final rule regarding “Payday, Vehicle Title, and Certain High-Cost Installment Loans”, eliminating the requirement for…
Government Relations News
June 30, 2020
The Supreme Court ruled in a 5-4 decision (Roberts) that the CFPB’s single-director structure / “for cause” provision is unconstitutional. A separate 7-2 opinion (Roberts, Alito, Kavanaugh) ruled that the removal provision can be severed from the rest of Dodd Frank, which means the CFPB will…
Government Relations News
June 16, 2020
Nacha Meets with Treasury Staff and Operators to Discuss Stimulus Payments
Nacha staff recently met with representatives from Treasury, IRS, Fiscal Services and the ACH Operators to discuss lessons learned from the recent U.S. stimulus payments to U.S. citizens to help boost our economy due to the…
Government Relations News
May 21, 2020
Federal Agencies Issue “Interagency Lending Principles for Offering Responsible Small-Dollar Loans”
On May 20, 2020, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the…
Government Relations News