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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 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 Policy Updates
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
June 16, 2020
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 COVID-19 pandemic. The majority of the payments were made swiftly and…
Government Relations Policy Updates
June 16, 2020
Nacha’s GRAG recently held a conference call with Kevin George, Senior Advisor, Economic Policy for Fintech Task Force for Chairman Lynch (D-MA) two days before the Task Force Hearing on "Inclusive Banking During a Pandemic: Using Fed Accounts and Digital Tools to Improve Delivery of Stimulus…
Government Relations Policy Updates
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
April 14, 2020
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 remittance transfers. The intent is to allow insured institutions to…
Government Relations Policy Updates
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
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 by checks and money orders and replace those payment…
Government Relations Policy Updates