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Tag: Government Affairs Updates

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
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
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
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
The Supreme Court ruled in a 5-4 decision (Roberts) that the CFPB’s single-director structure / “for cause” provision is unconstitutional.
Article 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.
Article 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 Payments."
Article 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.
Article March 3, 2020
Nacha Files Comment Letter Supporting ACH Payments
Article February 19, 2020
Nacha was acknowledged in the Congressional Record for being one of the best places to work.
Article February 19, 2020
The FDIC has approved Varo Money’s application for deposit insurance, putting it on the brink of becoming the first financial technology company to obtain a national bank charter.
Article February 4, 2020
Nacha submitted a Statement for the Record for the Congressional Hearing: “Is Cash Still King? Reviewing the Rise of Mobile Payments”.
Article February 4, 2020
Nacha provided comments on the notice of proposed rulemaking (the “Proposed Rule”) regarding Federal Government participation in the Automated Clearing House (“ACH”).
Article February 4, 2020
At a recent press roundtable, Comptroller of the Currency Joseph Otting told reporters that he and bank regulators such as the OCC hope to soon take action that will allow banks to more easily offer small-dollar loans (ranging between a few hundred to a few thousand dollars).
Article December 17, 2019
On Dec. 10, 2019, Nacha’s Government Relations Advisory Group held its annual in-person meeting on Capitol Hill.
Article November 5, 2019
On Oct. 31, 2019, Nacha submitted a comment letter to the Federal Reserve Board of Governors in response to the recent notice and request for comment regarding the proposal to develop a new real-time payment and settlement service, called FedNow.