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August 5, 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
April 14, 2020
CFPB Issues Guidance Regarding Remittance Transfers During Pandemic
In light of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a policy statement announcing the Bureau’s current flexible approach to its supervision and enforcement regarding certain requirements for…
Government Relations News
March 3, 2020
Nacha Files Comment Letter Supporting ACH Payments
On Feb. 21, 2020, Nacha filed a comment letter to the Securities and Exchange Commission (SEC) in response to the notice and request for comment regarding Fee Payment Modernization. The SEC requested comment on their proposal to eliminate payment…
Government Relations News
March 3, 2020
Government Relations News, Government Relations Policy Updates
February 19, 2020
Congress Recognizes Nacha
Nacha was acknowledged in the Congressional Record for being one of the best places to work. The proclamation by Reps Connolly and Wexton called out Nacha as an employer and the tremendous value of the ACH Network.
Varo Moves Closer to Bank Charter
The FDIC has…
Government Relations News