Displaying 1 - 20 of 176

Tag: Government Relations Policy Updates

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 May 15, 2019
The Consumer Financial Protection Bureau is taking another look at the 10 year old overdraft fee regulations.
Article May 13, 2019

Attorney Generals from across the country called on Congress to take up cannabis banking legislation that would allow lenders to serve cannabis businesses that operate legally at the state level.

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.
Article March 28, 2019
This month, both Chambers of Congress introduced legislation that would eliminate Remotely Created Checks (RCCs).
Article March 28, 2019
The Consumer Financial Protection Bureau, reversing a controversial decision by the previous intern director, Mick Mulvaney, has taken steps to restore the influence of several advisory panels that were sidelined last year.
Article March 13, 2019

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”).

Article March 7, 2019
On March 4, 2019, Representatives David Scott (D-Ga.) and Barry Loudermilk (R-Ga.) introduced H.R. 1491, the FINTECH Act.
Article March 6, 2019

Nacha’s 2019 Best Places to Work in Virginia award has been acknowledged in a Congressional Proclamation introduced by Nacha’s home district Representative, Gerald E. Connolly (D-Va.) and will appear in this week’s Congressional Record. Nacha’s accomplishment has now been recognized by the U.S.

Article February 21, 2019

Nacha’s Government Relations team has been busy meeting with new committee staff members on both The House Financial Services Committee and Senate Banking Committee to advocate for the ACH Network and discuss 2018 network growth for both Same Day ACH and traditional ACH.

Article February 21, 2019
The CFPB has released a small entity compliance guide that summarizes the payment-related provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule).