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Tag: Government Affairs Updates

Article October 19, 2021
Nacha and many Payment Associations provided comments on the notice of proposed rulemaking (the “Proposed Rule”) regarding the Federal Government Participation in the Automated Clearing House (“ACH”).
Article October 5, 2021
The Senate confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau in a 50-48 party line vote last Thursday.
Article August 16, 2021
Nacha has accepted an invitation to serve on the inaugural America Saves Advisory Board. The Advisory Board will serve as a guiding post for strategic input and insights for the projects, campaigns, and initiatives that will be developed by America Saves.
Article August 3, 2021
Nacha recently filed comments in response to a request related to “Healthcare Standards Development, Adoption and Implementation” from the National Committee on Vital Health and Statistics (NCVHS).
Article August 2, 2021
This month’s Advance Child Tax Credit (ACTC) payments will be made by Direct Deposit with an effective date on Aug. 13.
Article August 2, 2021
Nacha filed comments this week pertaining to the Board of Governors of the Federal Reserve System (the “Fed”) notice and request for comment.
Article May 18, 2021
On Monday, May 17, 2021, the U.S. Department of the Treasury and the Internal Revenue Service announced that the first monthly payment of advanced Child Tax Credits (CTC) from the American Rescue Plan will begin on July 15, 2021.
Article November 18, 2020

Nacha’s Government Relations Advisory Group (GRAG) held their annual meeting on November 10th. The meeting focused on the Presidential & Congressional elections and what the policy implications may be for payments.

Article November 9, 2020
Nacha’s Government Relations team has been closely monitoring U.S. election results over the past week.
Article August 19, 2020
Federal Reserve Explores Digital Currencies; CFPB Issues Additional FAQs Re: Payday Lending Rule
Article August 19, 2020
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.
Article August 19, 2020
The Consumer Financial Protection Bureau (CFPB) recently issued answers for several Frequently Asked Questions regarding compliance with the Payday Lending Rule.
Article August 4, 2020
SBA Inspector General Reports ‘Widespread’ Fraud in Economic Injury Disaster Loan Program; CFPB to Issue ANPR on Consumer-Authorized Financial Data Access; FDIC Issues RFI Re: Potential Voluntary Certification Program Promoting Innovative Technologies.
Article August 4, 2020
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 Disaster Loan (EDIL) program (separate from the Paycheck Protection Program) for coronavirus relief.
Article August 4, 2020
The Consumer Financial Protection Bureau (CFPB) has announced that the agency plans to ask for input later this year via an advance notice of proposed rulemaking (ANPR) regarding implementation of Section 1033 of the Dodd-Frank Act, which governs consumers’ access to their financial data.
Article 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.
Article July 15, 2020
CFPB Issues Final Rule on Small Dollar Loans, Easing Restrictions for Payday Lenders
Article July 15, 2020
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 loan underwriting and income verification, citing “insufficient legal and evidentiary bases for the 2017 rule’s mandatory underwriting provisions”.
Article June 30, 2020
Supreme Court Rules a Consumer Regulator’s Structure Unconstitutional.
Article 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.