For any administration, regardless of party, the financial world always puts a lot on your plate. The third year of the Biden administration is no different, and Nacha’s Government Relations Advisory Group (GRAG) recently learned what some of the policy issues will be priorities for not only the administration but the 118th Congress.

The comments are designed to help Treasury create a report on the future of money and payment systems that was requested in President Biden’s Digital Asset Executive Order on March 9, 2022.

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”).

More than 97% of Recipients of Social Security and Veterans Benefits Rely on Direct Deposit.

Nacha Files Comment Letter Supporting ACH Payments

Nacha provided comments on the notice of proposed rulemaking (the “Proposed Rule”) regarding Federal Government participation in the Automated Clearing House (“ACH”).

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.

On July 22, 2019, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration issued a joint statement with the intent to clarify how examinations related to the Bank Secrecy Act are specifically tailored for each bank’s individual risk profile.

On July 17, 2019, the Consumer Financial Protection Bureau (CFPB) released an updated advisory regarding scams targeting seniors.

The purpose of the CFPB request was to propose a delay to the effective date of the mandatory underwriting provisions of the regulation promulgated by the CFPB in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (the “Final Rule”).