Displaying 1 - 20 of 183

Tag: Government Relations Policy Updates

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.
Article October 22, 2019
Nacha’s Bill Sullivan and American Payroll Association’s, Bill Dunn sat down with PaymentsJournal to discuss the misconceptions around Direct Deposit during faster payments debate inside the Beltway.
Article October 3, 2019
The Senate and House both held hearings last week regarding Faster Payments in the U.S. Nacha provided a Statement for the Record for each hearing.
Article October 2, 2019
On Sept. 25, 2019, the U.S. House passed legislation that would allow banks and credit unions to provide financial services to state-authorized cannabis businesses without federal penalties.
Article September 18, 2019
D.C. District Court Judge Dabney Friedrich has dismissed the latest lawsuit brought by the Conference of State Bank Supervisors (CSBS) against the Office of the Comptroller of the Currency (OCC) over the agency’s authority to offer national bank charters to fintech companies.
Article August 29, 2019
Nacha, backed by eight financial institutions and end-user trade associations sent a letter to Senate Banking and House Financial Services Committee staff about the success of Direct Deposit for America’s workforce.
Article August 5, 2019
The Federal Reserve Board has announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow℠ Service, to support faster payments in the United States.
Article July 24, 2019
On July 24, 2019, Senate and House Democrats unveiled a bill that would require the Federal Reserve to develop a new real-time payments system for consumers and businesses, putting new pressure on the central bank to act amid opposition from lenders that have built their own network.
Article July 24, 2019
On July 22, 2019, a bipartisan group from the Senate Banking Committee – Sens. Mark Warner, (D-Va.), Thom Tillis, (R-N.C.), David Perdue, (R-Ga.), Jon Tester, (D-Mont.), and Tom Carper, (D-Del.), sent a letter to Federal Reserve Board Chairman Jerome Powell pressing him to provide answers to several questions prior to any additional action being taken by the Fed in relation to the Fed’s October 2018 RFC on “actions the Federal Reserve could take to support faster payments in the United States”.
Article July 24, 2019
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.
Article July 24, 2019
On July 17, 2019, the Consumer Financial Protection Bureau (CFPB) released an updated advisory regarding scams targeting seniors.
Article July 10, 2019
On July 9, 2019, Nacha’s Bill Sullivan, representing the ACH Network, was a panelist along with ICBA, The Clearing House and Financial Innovation Now (FIN) for a Congressional staff briefing on the Federal Reserve’s role in faster payments.
Article July 9, 2019
On Jun 24, 2019 the Conference of State Bank Supervisors announced that a current total of 23 states have now joined a multi-state licensing agreement standardizing processes for non-bank money services businesses (MSBs), including fintech companies, with California and North Carolina being among the most recent to join.
Article July 9, 2019
On June 26, 2019, the U.S. Supreme Court issued a decision on Kisor v. Wilkie, ruling to uphold the controversial legal precedent known as “Auer deference,” under which courts defer to federal regulators’ own (and reasonable) interpretations of the agencies’ rules when regulations are ambiguous.
Article April 26, 2019
The Consumer Financial Protection Bureau has issued a Request for Information (RFI) regarding potential regulatory changes to the current remittance Rule. The RFI seeks information on two specific areas of the rule.
Article April 5, 2019
Federal regulators need to create consistent guidance on the standards for bank small-dollar loan offerings. FDIC Chair, Jelena McWilliams stated that banks have been unwilling to get involved in the small-dollar loan market is because the three main federal banking regulators, the FDIC, the Federal Reserve and the Office of the Comptroller of the Currency, all have different guidelines in place for such product offerings.
Article March 29, 2019
The House of Representatives is inching closer to voting on a banking cannabis business relief bill after the Financial Services Committee voted to move the bill out of committee to a full House vote.