The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members. Editors: Brian Tate, President and CEO, IPA; Ben Jackson, COO, IPA; Grant Hannah, Director of Government Relations, IPA; Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: gr@ipa.org. 
 IPA Webinar: Why Brokered Deposits Matter to Fintechs Join the IPA on June 25 at 3 PM ET as we explore the topic of brokered deposits and why they matter for the future of payments. In 2015, the Federal Deposit Insurance Corporation (FDIC) issued a Frequently Asked Questions on brokered deposits that designated prepaid deposits held at banks as “brokered”, forcing banks to pay higher rates for deposit insurance and raising costs for Fintechs and prepaid programs. In this webinar, the IPA will dive into the history of the issue, show some of the effects, discuss current and proposed FDIC rules and regulations, highlight congressional action, and outline the IPA’s position and advocacy. Registration and additional information can be found here. IPA Blog: IPA Advocates for Members during COVID-19 The COVID-19 pandemic presented the payments industry with challenges that had never been seen before and that required immediate responses and solutions. The IPA is proud to say that the payments industry stepped up to help local, state, and the federal governments distribute emergency funds during our current national emergency. Whether it was ensuring that Economic Impact Payments and state unemployment benefits were safely and quickly delivered to those most in need during this national emergency or continuing to keep prepaid programs operational in the midst of a shift to a work from home culture on the turn of dime, the prepaid industry showed why it continues to be a trusted product for consumers, businesses, and government agencies. While the industry worked hard to effectively respond to the COVID-19 pandemic, the IPA also worked hard to support the industry’s immediate response as well as ensure that the IPA was continuing to advance the long-term priorities of the industry. The IPA wanted to take a moment to highlight the Association’s efforts to support the industry since early March. Read the full blog post here. IPA Podcast: Prepaid Benefits Have International Appeal As countries struggle to help their citizens deal with the economic fallout of the COVID19 pandemic, many are finding that prepaid cards and accounts offer a fast and convenient way to support people. The pandemic has shifted the payments behavior of governments – through the way they disburse funds and the way they look at different payment types – as well as the behavior of individuals. Now the question is, what changes will last beyond the pandemic and what will the future look like? We have pulled together an international panel to try to answer some of these questions. In this episode, we talk with Jennifer Tramontana of the Canadian Prepaid Providers Association, Matthias Spangenberg of Prepaid Verband Deutschland, Diane Brocklebank of the Prepaid International Forum, Kevin McAdam of Global Processing Services, and Brian Tate of the Innovative Payments Association. We cover how prepaid cards have been used to distribute benefits in various countries. We talk about the regulatory response to the crisis and prepaid’s role in relief. We also cover the future of payments in general and the future of cash in particular. While the world is in constant flux, it is safe to say that more things change, the more some things will stay the same. To learn more about the Canadian Prepaid Providers Organization, visit: https://cppo.ca/ To learn more about the Prepaid International Forum, visit: https://prepaidforum.org/ To learn more about the Prepaid Verband Deutschland (German Prepaid Association) , visit: https://www.prepaidverband.de/en/ To learn more about Global Processing Services, visit: https://globalprocessing.net/ Listen to the podcast here! IPA Virtual Awards Happy Hour Join the IPA and the IPC Awards Selection Committee on July 7th at 3:30pm Eastern for a virtual networking happy hour presentation of the IPC Awards! The first 20 members who register for the event by June 26 will receive a special package in the mail to aid in our celebration of our award winners. Register here!  OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) OCC Plans Rule to Define Valid Bank-Fintech Partnerships In remarks made during a recent online event, Acting Comptroller of the Currency Brian Brooks indicated that the OCC will soon be issuing a “true lender” proposed rule. He indicated that the proposal will contain bright line rules for determining “what is a true lender” and “what is a rent-a-charter scheme.” The proposal also will make clear that a loan is not necessarily “legal” because a bank is the “true lender” but that, instead of a state regulator, the OCC will be the enforcement channel to address the loan’s legality when the bank is the “true lender.” In his remarks, Acting Comptroller Brooks also indicated that addressing fintech and its effect on the banking system is a top priority for him. He stated that the OCC is engaged in a supervisory initiative to design examination procedures and clear guidance for its examiners to use in connection with examinations involving bank-fintech partnerships and fintech charter applications. CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) Consumer Financial Protection Bureau Launches Pilot Advisory Opinion Program On June 18, the Consumer Financial Protection Bureau (Bureau) announced the launch of a pilot advisory opinion (AO) program to address regulatory uncertainty in the Bureau’s existing regulations. According to the Bureau, the pilot AO program will allow entities seeking to comply with regulatory requirements to submit a request where uncertainty exists. If deemed appropriate, the Bureau will issue an advisory opinion based on its summary of the facts presented that would be applicable to other entities in situations with similar facts and circumstances. The Bureau says it recognizes that the public would benefit from a process that provides clarifications broadly and not just to requesting individuals or entities. In addition to the pilot, the Bureau also announced that the public can comment on a proposed permanent AO program. Following the conclusion of the pilot, the proposed AO program will be fully implemented after the Bureau’s review of comments received. Additional information can be found here. CFPB Blog Post: You have options for how to receive your unemployment benefits Millions of workers have filed for unemployment insurance benefits as a result of the coronavirus pandemic. If you’ve lost your job or a portion of your income, you can apply for benefits through your state unemployment program, and if you qualify, you have options for how you can receive this money. In most states, you can receive your money either on a state-issued prepaid debit card or by having it directly deposited into your own bank or credit union account or onto an existing prepaid card. In some states, receiving paper checks is also an option. While the majority of workers who are eligible for unemployment benefits have already filed as a result of COVID-19, many states will allow you to make changes to the way you receive your benefits. Read the full post here. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) FDIC Consumer News: No Cash Payments? Now what? In a digital economy, what are my options? Whether it’s ordering take out from an app-based food delivery service or using a ride share app to get home, cash may not be an option for payment. More retailers are now accepting cashless payments to reduce exposure to high touch surfaces. When you are used to paying with cash, this can be challenging. Here are some of the options available to you other than cash or traditional credit and debit cards. Prepaid Cards A prepaid card allows you to use a card to make purchases at stores or to pay bills online without accessing a bank account or using a credit card. These cards usually are not linked to a checking or savings account, and require you to load money onto the card up front. Find more information about FDIC deposit insurance and prepaid cards at: Is the Money on My Prepaid Card FDIC-Insured? Here are some prepaid card types:
 Sen. Jerry Moran Introduces Brokered Deposits Legislation On June 15, Senator Jerry Moran (R-KS), a member of the Senate Banking Committee, introduced S. 3962, the Asset Growth Restriction Act of 2020. In brief, the bill proposes to strike the current legal framework for brokered deposits and replace it with an authorization for the FDIC to limit the asset growth of financially troubled banks by regulation, rule, or order. The legislation would do this by repealing Section 29 of the Federal Deposit Insurance Act, which provides the legal authority for the FDIC to regulate brokered deposits and sets restrictions on the acceptance of brokered deposits by financially troubled banks. In December 2019, FDIC Chairman McWilliams suggested Congress consider “replacing Section 29 of the FDI Act with a simple restriction on asset growth for banks that are in trouble.” McWilliams argued that this regime would be far easier for the FDIC to administer, would limit the FDIC's potential exposure, and would more directly address the goal of preventing troubled banks from using insured deposits to try to grow out of their problems. She said that a simple limitation on asset growth would be more effective over time, as the industry continues to evolve. She additionally reiterated her support for these changes during questioning after her testimony before the Senate Banking Committee and the House Financial Services Committee in May 2020. As a reminder, also in December 2019, the FDIC released a notice of proposed rulemaking on Brokered Deposits. In April, the IPA filed our comment letter responding to the FDIC’s proposed rulemaking. In brief, the IPA’s comment thanks the FDIC for releasing their proposal and creating new exceptions to their current brokered deposit regulations. Recap of House Financial Services Committee’s FinTech Task Force Hearing on Digital Wallets and FedAccounts The House Financial Services Committee’s FinTech Task Force held a virtual hearing entitled, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments." on Thursday, June 11. Below is a brief rundown of some themes that emerged from the hearing. Hearing Themes:
As a reminder, the IPA submitted a statement for the hearing record. The Task Force didn’t recommend any particular course of action, but discussions on this topic will likely continue. A recording of the hearing can be found here. Recap of Senate Banking and House Financial Services Committees Hearings with Fed Chair Powell Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee on June 16 and the House Financial Services Committee on June 17. The Senate Banking hearing focused on the Fed lending facilities, interest rates, the Fed’s balance sheet, and the economic outlook. The House Financial Services Committee hearing focused on similar themes, but there were two specific questions asked by members at the hearing on the topics of FedAccounts and central bank digital currencies that are worth highlighting. The question on FedAccounts came from Rep. Stephen Lynch (D-MA) and the question on central bank digital currencies came from Rep. Tom Emmer (R-MN). Reps. Lynch and Emmer are chair and ranking member of the Financial Services Committee’s FinTech Task Force respectively. Please find a summary of the exchanges below. Rep. Stephen Lynch (D-MA) Rep. Lynch asked Chair Powell what his thoughts are on the FedAccounts proposal and other ways to address gaps that the unbanked and underbanked face. Chair Powell responded that the introduction of FedAccounts would be a very dramatic change in the landscape of banking. He said he would worry what would happen to our private banking system because a lot of people would opt to keep their personal money at the Fed and then who would do the lending. In terms of the underbanked, he highlighted the Fed’s work in local communities under CRA to encourage financial inclusion and their close work with community development financial institutions and minority depository institutions. He said they play a big role in financial inclusion and the Fed has a great deal of outreach and interaction with those institutions that are active in the communities that really need the help. Rep. Lynch closed by saying that, with the drift in banking away from brick and mortar towards mobile banking, he thinks it does present some opportunities that we have not had in the past and asked that Chair Powell treat it with the same level of attention as he would if the banks were in trouble. He further said that he appreciates that FedAccounts would ask the Fed to do something that it was not designed to do, but the circumstances and technology now gives them the opportunity to do something. Finally, he said it may be changing the role of the Fed, but he thinks they can try to make life easier for the underbanked. Rep. Tom Emmer (R-MN) Rep. Emmer asked what action the Fed had recently taken to explore the idea of central bank digital currencies (CBDC). Powell said that central banks everywhere are looking at it and the Fed owes it to the public they serve to take a look at it, if it is going to be something good for the US economy and the world’s reserve currency, the dollar. He said the Fed needs to understand it first and best. He also said a group of central banks have gotten together to share understanding of the technology, the cyber implications, the economic, and the financial inclusion implications. He further said that it is a big complex problem that they take seriously and that we do not wake up one day and realize the dollar is no longer the world reserve currency because we missed a technological change. He said though, at the same time, there are some very serious questions that have to be answered before they would want to implement a CBDC. Rep. Emmer then asked what role Powell thinks the private sector would play with a CBDC. Powell said he thinks this is something that central banks have to design principally. He said the private sector is not involved in creating the money supply and there are ideas that this should be the work of a private board, but he doesn’t think the public would welcome private employees who are not solely accountable to the public good being responsible for something so important. He reiterated that he thinks in the first instance, it will have to be the work of central banks. A recording of the Senate Banking hearing can be accessed here and House Financial Services hearing can be accessed here. Chair of Federal Reserve and Treasury Secretary to Testify Before House Financial Services Committee On June 22, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced an additional hearing was being added to the June Committee calendar. This hearing will be held on June 30 at 12:30 PM ET and is entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” This hearing will convene in a “hybrid” format, which provides for remote Member participation or Member participation from the hearing room. The IPA will follow this hearing and flag any relevant topics of discussion. Additional information and a link to livestream the hearing can be found here.  None.  New Federal Laws
None. PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 2% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 2% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 2% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 2% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 2% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 2% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 2% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 2% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 2% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 2% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 83% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 2% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 2% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 2% chance of enactment (according to govtrack). Details Link
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The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members. Editors: Brian Tate, President and CEO, IPA; Ben Jackson, COO, IPA; Grant Hannah, Director of Government Relations, IPA; Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: gr@ipa.org.
 IPA Releases Update Prepaid Glossary Last week, the IPA released an updated version of the IPA's Prepaid Glossary. This update came at the request of our members and builds on the document developed several years ago. It is designed to give an overview of the most common terms used by the prepaid card industry. It includes definitions of the types of prepaid card programs, common transaction terms, and high-level definitions of several regulatory concepts. (Note: Nothing in this document constitutes legal advice. All regulatory compliance and other legal questions should be addressed to competent counsel.) In the appendix, there is a diagram that shows the prepaid value chain and explains the different companies that come together and cooperate to make a prepaid card program work. We hope this will enable a better understanding of the benefits that prepaid products can provide to individuals, businesses, and government agencies. Please feel free to reach out to us if you have any questions about the material contained in this guide or about the prepaid industry. IPA Blog: Helping Borrowers Facing Hard Times Is Good Business The economic effects of the COVID19 pandemic are far reaching and will last longer than the pandemic itself. These affects are rippling through financial institutions’ portfolios as borrowers feel pressure from lost wages and the economic slowdown. Despite moratoriums on evictions and foreclosures, it is not clear that these will last long enough to let the economy recover enough to prevent a wave of defaults. But companies don’t need to stand by as problems ripple through their client bases and portfolios. As the IPA noted in an earlier blog, companies do not need to wait for government action to alter their policies to help their customers. Resources exist to help companies find aid for borrowers who need to regain a solid financial footing. In the latest episode of the IPA Payments Pod, we talk with Rochelle Gorey, the co-founder and CEO of SpringFour, a fintech that helps lenders find assistance for borrowers in financial trouble. We talk about how Springfour provides resources for call centers and online customer services and the business case for connecting customers to vetted nonprofits and government agencies that can provide aid. To learn more about Spring Four, visit: https://springfour.com/ Whether it is using outside resources like SpringFour or making internal policy changes and resource decisions, companies should take control of their own destinies and look for ways to help their customers and clients weather the storms that everyone is facing right now. IPA Quoted in Atlanta Business Chronicle Article “I think the fintech community in Atlanta is very influential. They have gotten the attention of policy makers, which I think is wonderful. I’m hoping the goodwill that carried through these conversations and the productivity of the industry over the last couple months will be a part of the conversation down the road when Congress looks back at what happened here,” said Brian Tate, President and CEO of the Innovative Payments Association (IPA), an industry group that encourages the use of electronic payments and promotes financial inclusion by working with leaders in Washington, D.C. “Our industry has played a very strong role in getting money to people who need it in this difficult time.” Read the full article here.  Office of the Comptroller of the Currency (OCC) OCC Issues ANPR Seeking Comment on Banks' Digital Activities On June 4, the Office of the Comptroller of the Currency issued an advanced notice of proposed rulemaking (ANPR) seeking comment on rules on national banks’ and federal savings associations’ digital activities. OCC says this ANPR is part of its review of its regulations on bank digital activities to ensure that its regulations continue to evolve with developments in the industry. Specifically, the OCC seeks comment on:
Additional information can be found here. Comments are due August 3, 2020. If you would like the IPA to consider filing comments in response to the ANPR, please let Grant Hannah (ghannah@ipa.org), Brian Tate (btate@ipa.org), or Eli Rosenberg (erosenberg@bairdholm.com) know. CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) IPA Files Comment Letter in Response CFPB Taskforce RFI On May 27, the IPA filed its comment letter in response to the CFPB’s Request for Information (RFI) to assist the Taskforce on Federal Consumer Financial Law with recommendations on harmonizing, modernizing, and updating federal consumer financial laws. In brief, the IPA’s comment letter outlines:
As a reminder, the Bureau’s RFI states the Taskforce is seeking input from the public at this time to help identify areas of consumer protection on which it should focus its research and analysis during the balance of its one-year appointment. Specifically, the Taskforce asks in the RFI:
The Taskforce is an independent body within the Bureau and reports to Director Kraninger. It is charged with examining the existing legal and regulatory environment facing consumers and financial services providers and reporting its recommendations for ways to improve and strengthen federal consumer financial laws to the Bureau’s Director. The Taskforce’s recommendations may include actions that the Bureau could carry out using its current authorities and actions that would require legislation to implement. Thank you to all who provided feedback throughout the process of drafting these comments. Chair of CFPB Task Force on Federal Consumer Financial Law Authors Blog on Path Ahead Taskforce on Federal Consumer Financial Law charting a path ahead By: Todd Zywicki The CFPB established the Taskforce on Federal Consumer Financial Law (Taskforce) to examine laws and regulations governing financial products and services and provide Director Kraninger with recommendations to modernize, harmonize, and strengthen them. Taskforce members include: Dr. J. Howard Beales III; Dr. Thomas A. Durkin; William C. MacLeod; and Jean Noonan. I serve as Chair of the Taskforce. As part of our mandate, we are leveraging our combined 150 years of professional experience as well as the extensive expertise that exists within and outside of the Bureau. On behalf of my colleagues on the Taskforce, it is an honor to be asked to serve the American consumer through this initiative. Work of the Taskforce and commitment to public engagement Director Kraninger and I share tremendous enthusiasm for the opportunity to engage in a robust dialogue with the public and Bureau stakeholders. Every American has a stake in a fair, efficient, and modern system of consumer finance, and the Taskforce seeks to hear as many of those perspectives as possible. To achieve this goal, the Taskforce has planned a vigorous schedule of public engagements to hear those views. Like many other things in recent weeks, the global health pandemic has caused us to revise those plans in order to promote public safety. Regardless, the Taskforce remains committed to gathering additional feedback through public outreach and incorporating these insights into the final report as fully as possible. As Chair of the Taskforce, I am committed to ensuring the public can inform our work, through transparent and inclusive engagements. The feedback we receive will be used to inform a two-volume report that the Taskforce will produce. The first volume will provide a historical overview of consumer financial protection laws, analyze costs and benefits of financial products and services, outline redundancies and gaps in the current regulatory framework, and assess the current state of the laws and their influence on consumers and the marketplace. The Taskforce will use the insights gained to develop a set of recommendations for the Bureau on ways to improve and strengthen the application of financial laws and regulations in the second volume. All of this activity will be centered around the underlying principle of strengthening consumer protections in the financial marketplace, in accordance with our statutory mandate. In March 2020, the Taskforce held a listening session with representatives from various consumer advocacy and trade groups. The session helped shape the Request for Information (RFI) to assist the Taskforce that was issued by the Bureau later that month. Here’s a roadmap of some of our planned efforts going forward into the fall.
On behalf of the entire Taskforce, thank you to everyone who responded to our RFI. Your feedback and insights are extremely valuable, and we look forward to engaging more as we continue to identify additional ways to make consumer financial markets work better for consumers, responsible providers, and the economy as a whole. We invite all of you to continue participating in these upcoming engagements. FEDERAL RESERVE Federal Reserve Bank of Philadelphia Releases Report on Central Bank Digital Currency Last week, the Federal Reserve Bank of Philadelphia issued a report on central bank digital currency (CBDC), entitled, “Central Bank Digital Currency: Central Banking for All?” In brief, this report explores the potential consequences of the introduction of a CBDC and acceptance of deposits by central banks, like the Federal Reserve. The report concludes that the safety and security of central banks would cause people to exclusively deposit with the central bank such that it would arise as a deposit monopolist, attracting deposits away from the commercial banking sector. The full report can be found here.  House Financial Services Committee’s FinTech Task Force Scheduled to Hold Hearing on Digital Wallets and FedAccounts The House Financial Services Committee’s FinTech Task Force is scheduled to hold a virtual hearing entitled, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments." on Thursday, June 11 at 12 PM ET. As you may recall, a number of proposed House Democratic coronavirus relief/rescue measures contained proposals to establish “pass through digital wallets” at private banks for the distribution of relief/stimulus payments to individuals and bank accounts at Fed Reserve banks for all citizens and legal permanent residents. Given the subject matter of the hearing, the IPA thinks this presents an opportunity to submit a statement for the record. The IPA’s draft statement outlines the critical role prepaid accounts played in the disbursement of Economic Impact Payments, emergency support payments/benefits on the state level, and highlights recent statements by regulators and Members of Congress during the national emergency caused by COVID-19. Additional information about the hearing as well as the link to livestream the hearing can be found here. House Ways & Means Committee Releases Report on EIP On June 5, the House Ways and Means Committee released a report on Economic Impact Payments (EIPs). The report lays out information regarding the EIPs authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including the number of payments issued and scheduled to be issued. Specifically, the report notes:
The full report can be accessed here.  California Attorney General Submits CCPA Regulations for Review On June 1, The California Attorney General (CA AG) submitted the final text of the CCPA regulations to the California Office of Administrative Law (OAL) for approval. Though regulations submitted to the OAL in June ordinarily would not become effective—if approved—until October 1, the CA AG has requested an expedited review. According to the CA AG, the expedited review would allow the regulations to become effective by July 1, which still is the date his office plans to begin enforcing the CCPA according to a public statement. CCPA was signed into law on June 28, 2018 and was further amended in September 2018 and October 2019. The law went into effect on January 1, 2020. CCPA grants California consumers data privacy rights and control over their personal information including the right to know, the right to delete, and the right to opt-out of the sale of personal information that businesses collect, and includes additional protections for minors. The regulations establish procedures for compliance and exercise of rights, as well as clarifying important transparency and accountability mechanisms for businesses subject to the law. The Attorney General can enforce the CCPA beginning on July 1, 2020. Additional information about this development can be found here. Additionally, a summary of the regulations can be found here. California Governor’s Proposal to Expand Department of Business Oversight Shelved In January, California Governor Gavin Newsom (D) unveiled the “California Consumer Financial Protection Law” as part of his proposed state budget. Specifically, the proposal would:
 New Federal Laws
None. PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 3% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 3% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 3% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 3% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 3% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members. Editors: Brian Tate, President and CEO, IPA; Ben Jackson, COO, IPA; Grant Hannah, Director of Government Relations, IPA; Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: gr@ipa.org.
 IPA Blog: COVID19’s Effects on Payments Will Be Long Lasting The COVID 19 pandemic has caused a lot of chaos for every industry in the economy. But when it comes to payments, the effects of the pandemic likely will be far reaching. In the latest episode of the IPA Payments Pod, Brian Tate, the CEO of the Innovative Payments Association, and the Association’s government relations director, Grant Hannah, talk about how the pandemic is affecting the industry now, and what the long-term implications might be. They cover COVID19 payments and the role that prepaid plays in delivering them and how future oversight might lead to more regulations. Of course, the pandemic is not the only thing happening in payments. Events that preceded the COVID19 outbreak have continued on their course. So, our guests talk about how the ongoing PayPal lawsuit against the Consumer Financial Protection Bureau will have its own effect on the payments landscape independent of the virus. If you want to stay on top of new developments in the industry, plan to attend the IPA’s compliance boot camp on June 3. The boot camp will feature sessions spread out over a day that cover topics such as fraud, the PayPal lawsuit, and earned wage advance products. Register today! IPA Compliance Boot Camp Immerse yourself in this virtual, interactive educational opportunity designed to help advance your compliance knowledge in these challenging times. The IPA has reimagined its Compliance Boot Camp as a one-day virtual event including 5 sessions that are most relevant to the community in the COVID-19 environment; all with chats and Q&A with presenters and attendees. Please join us on June 3rd for the Boot Camp. Additional information, including the agenda, and registration can be found here.  DEPARTMENT OF THE TREASURY/INTERNAL REVENUE SERVICE (Treasury/IRS) Treasury to Deliver Millions of Economic Impact Payments by Prepaid Debit Card On May 18, the Department of the Treasury announced that it and the IRS would begin sending nearly 4 million Economic Impact Payments (EIP) by prepaid card, instead of by paper check. The EIP Card is part of Treasury’s U.S. Debit Card program, which provides prepaid debit card services to federal agencies for the electronic delivery of non-benefit payments. MetaBank was selected as Treasury’s financial agent for the U.S. Debit Card program in 2016, following a competitive selection process conducted by the Treasury’s Bureau of the Fiscal Service. In the press release announcing this, Treasury Secretary Mnuchin said, “Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families. Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly, Recipients can immediately activate and use the cards safely.” Additional information can be found here. Sec. Mnuchin Announces Brian P. Brooks to Become Acting Comptroller of the Currency On May 21, Comptroller of the Currency Joseph M. Otting announced that he will step down from office on May 29, 2020. Accordingly, Secretary of the Treasury Steven T. Mnuchin announced that First Deputy Comptroller and Chief Operating Officer Brian P. Brooks will become Acting Comptroller of the Currency. “I am confident that Brian will lead the agency effectively during this challenging time,” said Secretary Mnuchin. “He recognizes the importance of a robust federal banking system to the health and strength of the nation’s economy and has the skills and experience to succeed in this important role.” Mr. Brooks joined the Office of the Comptroller of the Currency (OCC) on April 1. Mr. Brooks came to the OCC from Coinbase, Inc., where he served as Chief Legal Officer since 2018. He had also served on the board of Fannie Mae since March 2019 and the board of Avant, Inc., since 2017. Prior to Coinbase, Mr. Brooks served as Executive Vice President, General Counsel, and Corporate Secretary of Fannie Mae. He also was a member of the senior executive management team of at OneWest Bank, N.A., as Vice Chairman and Chief Legal Officer. Before OneWest, Mr. Brooks served as financial services practice group leader and managing partner of the Washington, D.C., office of O'Melveny & Myers LLP. He holds a bachelor's degree from Harvard in government and a law degree from the University of Chicago. Additional information can be found here. CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) CFPB Blog Post Highlights How to Use Economic Impact Payment Prepaid Card without Paying a Fee On May 20, the CFPB released a blog post highlighting some common questions and tips to help Americans who receive their EIP via prepaid card access their money and use their card, including how to do so with limited fees. Included in these questions and tips is information on how to activate a card, how to check the balance, and how to get cash, among others. Additionally, in the “I am not familiar with prepaid debit cards. What is important to know about using this card?” answer, the Bureau outlines the safety and soundness of prepaid cards, saying, “Once activated, your money is safe on this card and is eligible for FDIC insurance. Be sure to immediately report if your card is lost or stolen.” The blog also contains a video to inform consumers that they may receive their EIP on a prepaid debit card. The full post can be found here. CFPB Issues First No-Action Letter Templates Under New Innovation Policies On May 22, the CFPB announced that it issued two No-Action Letter (NAL) Templates under its new innovation policies. Last year, the CFPB introduced an updated NAL Policy that includes, among other things, a more streamlined review process focusing on the consumer benefits and risks of the applicant’s product or service. NALs provide increased regulatory certainty through a statement that the CFPB will not bring a supervisory or enforcement action against a company for providing a product or service under certain facts and circumstances. The updated Policy also includes a provision concerning NAL templates, which permits entities such as service providers and trade associations to secure a template that can serve as the foundation for NAL applications from companies that provide consumer financial products and services. Under the first NAL Template the CFPB approved, mortgage servicers seeking to assist struggling borrowers to avoid foreclosure and engage in loss mitigation efforts would be able to apply for their own NAL. The template, requested by Brace Software, Inc. (Brace), would enable mortgage servicers to use Brace’s online platform to implement loss-mitigation efforts for their borrowers. At the same time, the CFPB also approved a NAL template that insured depository institutions can use to apply for a NAL covering their small-dollar credit products. The NAL template includes protections for consumers who seek small-dollar loan products. Additional information can be found here. CFPB Issues COVID-19 Consumer Complaint Bulletin On May 21, the CFPB issued a report analyzing the complaints received during the COVID-19 pandemic. In brief, the report shows that mortgage and credit card complaints top the list of complaints the CFPB has received that mention coronavirus or related terms. Additionally, CFPB received its highest complaint volumes in its history in March and April at 36,700 and 42,500, respectively. Additionally, Consumers submitted more than 4,500 complaints that include coronavirus keywords. In 2019, the monthly average for complaints was 29,000. The bulletin attributes the higher numbers to factors such as market conditions and more public awareness of the complaint system. When it comes to prepaid specifically, the report lays out that of the over 4,500 complaints that mention coronavirus, only 120 of them, or 3%, were related to prepaid. The most common complaint was related to a problem getting a card or closing an account. Finally, the report also lays out that, in comparing the weekly average complaint volume before and after the emergency declaration, prepaid card complaints saw the greatest percent increase (84%). The report notes that many new consumers receiving their unemployment benefits via prepaid cards contributed to this increase. Additional information the full report can be accessed here.  House Democrats Pass Proposed Phase 4 Coronavirus Relief Bill On May 15, House Democrats’ proposed “Phase 4” Coronavirus relief package, called the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act), passed the House of Representatives. The package follows the general architecture of the CARES Act. Specifically, the bill would provide additional funding for:
The bill would provide an additional $1,200 stimulus payment for each family member that would be paid out similar to the Economic Impact Payments (EIP) in the CARES Act. The payments would be $1,200 for a single taxpayer ($2,400 for joint filers), in addition to $1,200 per dependent up to a maximum of 3 dependents. The payment phases out starting at $75,000 of modified adjusted gross income ($112,500 for head of household filers and $150,000 for joint filers) at a rate of $5 per $100 of income. The bill would also protect these payments and EIP from garnishment, levy, offsets, etc. Finally, the bill would provide additional funding for the Department of Health and Human Services to provide prepaid debit cards to families to help meet emergency needs under the Early Childhood Home Visiting program. The bill has been sent to the Senate for consideration, though it is unlikely to be taken up for consideration. The bill is meant to establish Democratic priorities and positions as negotiations begin in earnest with Republicans on the Phase 4 Coronavirus relief package. House Approves Proxy Voting Proposal On May 15, the House of Representatives approved a rule change that would allow proxy voting during the COVID-19 pandemic. Under the new rule, a member can vote on behalf of 10 others who cannot travel to Washington, D.C. Committees will also be allowed to hold hearings and markups through video conference. The rule also lays the groundwork for direct remote electronic voting by members. It directs the House Administration Committee to conduct a study and certify a new remote electronic voting system and test it out.  None.  NEW FEDERAL LAWS
None PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 3% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 78% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 2% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 3% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 5% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 3% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 4% chance of enactment (according to govtrack). Details Link The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members. Editors: Brian Tate, President and CEO, IPA; Ben Jackson, COO, IPA; Grant Hannah, Director of Government Relations, IPA; Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: gr@ipa.org.
 IPA Launches New Website Thank you so much for being a valued member of the IPA. As part of our ongoing commitment to providing you with the highest level of member value and engagement, we've recently launched a new website and Members’ Only Area. This message--and more coming in the near future-- will help you get acquainted with the many self-service benefits you can manage from our website. Our Log-In Area: Our new login page is located at: https://web.ipa.org/Portal/. If you have not already signed up for an IPA member account, the link can also be used to sign up by clicking “Click here for login information”. Please visit our Information Update area because you'll also be able to update several other key areas of information that will help us serve you better. Click here to update your profile: Update Your Profile Once you are familiar with our Members’ Only area, you’ll also be able to manage a variety of other items, including: --Accessing Members’ Only Resources --Register for upcoming events --Paying your Renewal Invoices --Selecting what communications you want to receive from us --Taking Surveys --Calculating your Membership ROI To continue to access the Government Update, please look for it in the “Resources” section. We hope you enjoy having more control over your IPA membership. If you have any questions or concerns, please feel free to contact our office at (202) 548-7200 or email us at info@ipa.org. IPA Compliance Boot Camp Immerse yourself in this virtual, interactive educational opportunity designed to help advance your compliance knowledge in these challenging times. The IPA has reimagined its Compliance Boot Camp as a one-day virtual event including 5 sessions that are most relevant to the community in the COVID-19 environment; all with chats and Q&A with presenters and attendees. Please join us on June 3rd for the Boot Camp. Additional information, including the agenda, and registration can be found here.  IPA Blog Post: Oversight in the Age of Corona Congress passed the CARES Act in March to help provide relief to individuals, businesses, state and local governments, and others during the ongoing COVID-19 Pandemic. This $2 trillion package expanded unemployment insurance, provided over $850 billion for loan, grant, and investment programs to rescue and bolster businesses of all sizes, and provided additional funding for state and local governments and the healthcare system. In addition, in order to help American households, the CARES Act authorized relief payments, called “Economic Impact Payments (EIP)”, of up to $1,200 for individuals and $2,400 for married couples and tasked the Department of the Treasury and the Internal Revenue Service with distributing these funds. As of May 5th, the IRS reports that it has disbursed approximately $207 billion to 130 million Americans. Given the unprecedented size of the CARES Act, it is only natural that Congress would want to ensure that waste, fraud, and abuse are minimized and exercise as much oversight over the distribution of this money as is possible. To do this, Congress created two new mechanism in the CARES Act for oversight of the business focused programs. First, they created a congressional oversight panel, called the “Congressional Oversight Commission (Commission)”. According to the legislative language that created it, the Commission is tasked with conducting oversight of the implementation of the business loan, grant, and investment programs under Title IV of the CARES Act by the Department of the Treasury and the Board of Governors of the Federal Reserve System. The Commission is also tasked with submitting reports on the findings of their oversight activity to Congress as well. Congress also created an inspector general position at the Department of the Treasury to oversee the business loan, grant, and investment programs that were created by Title IV of the CARES Act and perhaps some of the other non-business related programs as well. This new inspector general position is called the Special Inspector General for Pandemic Recovery (SIGPR). According the statute the SIGPR shall: “…conduct, supervise, and coordinate audits and investigations of the making, purchase, management, and sale of loans, loan guarantees, and other investments made by the Secretary of the Treasury under any program established by the Secretary under this Act, and the management by the Secretary of any program established under this Act…” On April 3rd, President Trump announced that he would nominate Brian D. Miller to be Special Inspector General for Pandemic Recovery. Mr. Miller currently serves in the White House Counsel’s office and has previously served as Inspector General for the General Services Administration. The Senate Banking Committee held a hearing on Mr. Miller’s nomination on May 5th. This is just the first step in the confirmation process. The full Senate Banking Committee will vote on whether or not to send Mr. Miller’s nomination to the full Senate for consideration. Only after a favorable vote from the Banking Committee would the full Senate consider his nomination. While there are no oversight provisions in the CARES Act that directly address Economic Impact Payments, in order to prepare for the road ahead, it is best to assume that a broad approach to oversight will be taken by the Commission and the SIGPR. It is possible these two entities will examine how Treasury and IRS implemented the Economic Impact Payment program, how financial institutions assisted Treasury/IRS in this process, and how financial institutions ensured their customers had access to their full funds expeditiously. Regardless of what happens with the Commission and SIGPR though, congressional committees will also play a part in the CARES Act oversight. The House Oversight and Reform Committee, House Ways & Means Committee, the House Financial Services Committee, the Senate Finance Committee, the Senate Banking Committee, and the Senate Homeland Security and Governmental Affairs Committee will all likely hold oversight hearings and issue reports on the CARES Act. When it comes to the Economic Impact Payment program, the House Ways and Means Committee, Senate Finance Committee, House Financial Services, and Senate Banking Committee are the most likely to examine the Economic Impact Payment program. The House Financial Services and Senate Banking Committees would be the ones to examine how financial institutions aided both Treasury and IRS in the distribution of Economic Impact Payments and ensured that their customers were able to access their full payment expeditiously. The IPA will be keeping track of all hearings, reports, etc. from the various entities discussed above and will be keeping our membership updated through our Government Relations Working Group (GRWG). Additionally, the IPA will continue the conversation with policymakers on how the prepaid industry serves governments, businesses, and Americans of all backgrounds and how the industry responded to the COVID-19 crisis. If you would like to join to the GRWG, please contact Grant Hannah, Director of Government Affairs, at ghannah@ipa.org.  CONSUMER FINANCIAL PROTECTION BUREAU PayPal Files Motion for Summary Judgement in Lawsuit Challenging Prepaid Rule On May 6, PayPal filed a motion for summary judgement in their lawsuit challenging the CFPB’s Prepaid Account Final Rule. In the motion, it appears that PayPal expands and focuses on the argument made in their initial complaint that digital wallets are “fundamentally” different from GPR cards, while also touching on, among other things, the Final Rule’s disclosure requirements and prohibition on linked credit. In addition, PayPal filed a proposed order (attached), which lays out the relief PayPal is seeking from the Court. The requested relief includes vacating the Final Rule and prohibiting the CFPB from enforcing it. PayPal’s initial complaint can be found here and the CFPB’s response to PayPal’s complaint can be found here. According to the case’s scheduling order, the CFPB has until July 7th to respond to PayPal’s motion for summary judgement. DEPARTMENT OF THE TREASURY/INTERNAL REVENUE SERVICE IPA Signs Joint Trade Letter on Relief Payments The IPA signed a joint trade letter, led by the American Bankers Association (ABA), that was sent to Steve Mnuchin, Secretary of the U.S. Department of Treasury on April 29. In brief, the letter urges maximizing electronic disbursements and minimizing paper payments to Americans, which will help get much needed to relief payment to the recipients faster. Further, the letter also lists a variety of clarifying questions for Treasury to consider as the banking industry assists the agency in disbursing COVID-19 relief funds. The letter has also been signed by a diverse group of financial services trade associations, including: Independent Community Bankers Association (ICBA), Consumer Bankers Association (CBA), The Clearing House, and the Credit Union National Association (CUNA).  Rep. French Hill (R-AR) Introduces Legislation for Signatureless Payments Rep. French Hill (R-AR) has introduced the “Touchless Transactions Act” (H.R. 6241). In brief, this legislation would eliminate signatures for swipe, dip, or tap point-of-sale transactions. Rep. Hill has indicated he introduced this legislation in response to the COVID-19 Pandemic in order to reduce the amount of direct contact during point-of-sale transactions. He has also indicated that he hopes the bill will raise awareness around and bring modernization to the payments infrastructure. The bill was introduced on March 12 and referred to the House Financial Services Committee. Rep. Hill is a member of the House Financial Services Committee and serves as the Ranking Member of the Subcommittee on National Security, International Development, and Monetary Policy and as a member of the Task Force on Financial Technology. House Democrats Release Proposed Phase 4 Coronavirus Relief Bill On May 12, House Democrats released their proposed “Phase 4” Coronavirus relief package, called the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). From our initial reading, it appears the package follows the general architecture of the CARES Act. Specifically, the bill would provide additional funding for:
The bill would provide an additional $1,200 stimulus payment for each family member that would be paid out similar to the Economic Impact Payments (EIP) in the CARES Act. The payments would be $1,200 for a single taxpayer ($2,400 for joint filers), in addition to $1,200 per dependent up to a maximum of 3 dependents. The payment phases out starting at $75,000 of modified adjusted gross income ($112,500 for head of household filers and $150,000 for joint filers) at a rate of $5 per $100 of income. The bill would also protect these payments and EIP from garnishment, levy, offsets, etc. Finally, the bill would provide additional funding for the Department of Health and Human Services to provide prepaid debit cards to families to help meet emergency needs under the Early Childhood Home Visiting program. The House is expected to vote on the bill on Friday, May 15, though it is unlikely to become law. The bill is meant to establish Democratic priorities and positions as negotiations begin in earnest with Republicans on the Phase 4 Coronavirus relief package. House Financial Services Chair Waters Releases Priorities for Phase 4 Coronavirus Relief Bill On May 5, House Financial Services Committee (HFSC) Chairwoman Maxine Waters (D-CA) has released a list of priorities for HFSC Democrats for the next coronavirus relief package (“CARES 2.0”). These priorities include: providing assistance and protections during the COVID-19 pandemic to individuals, families, renters and homeowners, people experiencing homelessness, consumers and investors, students, small businesses and non-profits, community financial institutions, municipal governments, global markets and developing countries, and the U.S. taxpayer. It is estimated that these priorities would cost $292 billion. Specifically, Chairwoman Waters lists the following as priorities:
Again, these are merely priorities for HFSC Democrats for CARES 2.0, which is still in the early stages of being negotiated and written. House to Vote on Proxy Voting Proposal The House of Representatives will likely vote on rule change that would allow remote voting during the COVID-19 pandemic on Friday, May 15. The specifics of what this rule change would entail have not been released but, based off previous proposals and discussions, it is likely lawmakers would be allowed to vote by proxy and designate another member to vote at their direction and on their behalf. The rule may also lay out a procedure to allow committee activity to resume. Specifics on this rule change, when made available, will be posted here.  None.  NEW FEDERAL LAWS
None PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 3% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 78% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 2% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 3% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 5% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 3% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 4% chance of enactment (according to govtrack). Details Link The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members. Editors: Brian Tate, President and CEO, IPA; Ben Jackson, COO, IPA; Grant Hannah, Director of Government Relations, IPA; Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: gr@ipa.org.
This publication is intended for general information purposes only and should not be construed as legal advice. Do not act upon the information without first consulting an attorney.  IPA Releases Template Letter on Accessing IRS Relief Payment Portals Congress passed the CARES Act in March to help provide relief to individuals, businesses, state and local governments, and others during the ongoing COVID-19 Pandemic. In order to help American households, the CARES Act authorized relief payments, called “Economic Impact Payments (EIP)”, of up to $1,200 for individuals and $2,400 for married couples and tasked the Department of the Treasury and the Internal Revenue Service with distributing these funds. As you may know, the Department of the Treasury and IRS began making payments electronically the week of April 13 and via check the week of April 20. For eligible individuals who did not file taxes in 2018 or 2019 or for whom the IRS does not have account information on file, the default payment method for EIP will be check, which could take several weeks for recipients to receive. In order to expedite the receipt of funds by eligible individuals, the IRS and the Department of the Treasury have expressed a preference that as many EIPs be made electronically as possible, including to eligible prepaid cards. Accordingly, as part of this effort, the IRS has set up two online portals (Non-Filers: Enter Payment Info Here and Get My Payment) to enable these eligible individuals to provide their account and routing information to the IRS. In order to help IPA members serve their customers who are eligible to receive an EIP, but did not file taxes in 2018 or 2019, or for whom the IRS does not have complete account information on file, the IPA has drafted a template letter for your consideration. This template can be used to inform your customers that they can receive their EIP on their reloadable prepaid card and guide them through the steps to do so. Finally, this letter is merely meant to serve as a template and provide suggested language. Please feel free to amend the template as appropriate to suit the needs of your customers, program, or organization. The template letter can be accessed here. IPA Webinar: Prepaid Compliance in a Crisis and Beyond A crisis doesn't stop compliance, it just adds new wrinkles. To help members keep up with both the special circumstance and their ongoing concerns, IPA member Stinson LLP will present approaches for managing COVID19-related issues while not losing sight of the big picture. Topics will include the prepaid rule, employment considerations as things reopen, managing contracts, and dealing with privacy amid calls for more tracking. Please join us on April 30 at 3 p.m. ET for this important discussion. Additional information and registration can be found here.  CONSUMER FINANCIAL PROTECTION BUREAU CFPB Releases Video for Non-Filers on Economic Impact Payments On April 21, the CFPB released a video providing instructions on the steps non-filers need to take to receive their Economic Impact Payments (EIP). At approximately 1 minute and 50 seconds, the video highlights that non-filers can receive their EIP on a prepaid card by entering their card’s routing and account number on the IRS Non-Filers portal. The video and additional information can be accessed here. Consumer Financial Protection Bureau Adds Enhancements to Consumer Complaint Database On April 27, the Consumer Financial Protection Bureau (CFPB) announced the addition of a geospatial view to the Consumer Complaint Database. This addition will enable consumers to view complaints by state with a U.S. map visualization. Consumers have been able to view complaints by using date, company name, key words, and other filters. The CFPB also has added new options, including the ability to:
Additional information about this addition to the Consumer Complaint Database can be found here. As a reminder, in September 2019, the CFPB announced that it will continue the publication of consumer complaints, data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several updates to the information available to users of the database. The updates included: modified disclaimers to provide better context to the published data; integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions. IPA Drafts Comments in Response to CFPB Taskforce on Federal Consumer Financial Protection Law RFI The IPA has drafted a comment letter in response to the CFPB’s Request for Information (RFI) to assist the Taskforce on Federal Consumer Financial Law with recommendations on harmonizing, modernizing, and updating the federal consumer financial laws. In brief, the IPA’s comment letter outlines:
As a reminder, the Bureau’s RFI states the Taskforce is seeking input from the public at this time to help identify areas of consumer protection on which it should focus its research and analysis during the balance of its one-year appointment. Specifically, the Taskforce asks in the RFI:
The Taskforce is an independent body within the Bureau and reports to Director Kraninger. It is charged with examining the existing legal and regulatory environment facing consumers and financial services providers and reporting its recommendations for ways to improve and strengthen federal consumer financial laws to the Bureau’s Director. The Taskforce’s recommendations may include actions that the Bureau could carry out using its current authorities and actions that would require legislation to implement. The IPA is soliciting feedback on the draft comment letter. Please review the draft letter and let Grant Hannah (ghannah@ipa.org), Brian Tate (btate@ipa.org), or Eli Rosenberg (erosenberg@bairdholm.com) know if you feedback by COB on Friday, May 1, 2020. DEPARTMENT OF THE TREASURY/INTERNAL REVENUE SERVICE IPA Sends Letter to Treasury Urging the IRS Update its Online Portals On April 22, the IPA sent a letter to Treasury Secretary Steve Mnuchin on the IRS’ web tools (Non-Filers and Get My Payment). In short, the IPA’s draft letter urges IRS to update its online portals and clearly list prepaid cards as a viable option (alongside checking and savings accounts) in regard to receiving Economic Impact Payments. Additionally, the letter outlines that this small change to their portals has the potential to reduce public confusion and significantly reduce the time for Americans without traditional banks accounts to receive much needed financial support. The IPA’s letter can be accessed here. Treasury & IRS Release Updated Figures for First Three Weeks of Relief Payments On April 28, The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released updated Economic Impact Payment figures for the program’s first three weeks. On April 24, Treasury and IRS reported that approximately 88.1 million individuals received payments worth nearly $158 billion in the program’s first three weeks. The revised figures indicate that 89.5 million individuals received payments worth nearly $160 billion during this three-week period. Updated state-by-state figures have been released as well. As a reminder, payments are continuing to be delivered each week. Treasury and IRS estimate that more than 150 million total Economic Impact Payments will be sent out. Additional information and the updated state-by-state figures can be found here. FEDERAL DEPOSIT INSURANCE CORPORATION FDIC Postpones Effort to Modernize Agency's Signage & Advertising Requirements On April 16, the FDIC announced it will temporarily postpone its efforts to modify its signage and advertising requirements. The FDIC says it remains committed to modernizing these rules at a future date to better reflect how banks and savings associations are transforming their business models to take deposits via physical branches, digital, and mobile banking channels. As a reminder, on February 26, the FDIC published a Request for Information in the Federal Register seeking input regarding potential changes to its sign and advertising rules. Last month, agency extended the comment period to April 20. The IPA filed its comment letter responding to the FDIC’s RFI on April 15. The IPA’s very brief comment details our recommendation, consistent with current FDIC regulations, that where FDIC insurance is being offered for a product or service, consumers should receive explicit and clear statements regarding the deposit insurance coverage. In addition, while the IPA recommends continued compliance with the current marketing/advertising rules, the draft expresses the association’s willingness to work with the FDIC on any potential changes to its regulations to keep up with changes in the marketplace. OFFICE OF THE COMPTROLLER OF THE CURRENCY OCC Files Brief in Appeal of NYDFS Lawsuit Challenging Fintech Charter The OCC has filed its first brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank charters (SPNB) to non-depository fintech companies. On October 21, 2019, the United States District Court for the Southern District of New York struck down the OCC’s special purpose national bank charter for fintechs. In the case, the OCC argued that the National Bank Act authorizes the OCC to issue special purpose charters to nondepository banking institutions. In its decision, the court ultimately concludes that the National Bank Act only gives the OCC the authority to charter institutions engaged in the “business of banking”, which inherently requires accepting deposits and thus chartering nondepository institutions is beyond the OCC’s authority. In its brief, the OCC makes the following arguments:
The OCC’s brief can be found here.  Paycheck Protection Program and Health Care Enhancement Act Signed into Law On April 24, the House passed, and the president signed the Paycheck Protection Program and Health Care Enhancement Act, which provides an additional $310 billion in funding for the Paycheck Protection Program (PPP). PPP is a lending facility that was created by the CARES Act and provides forgivable loans to small businesses for payroll and other expenses during the COVID-19 crisis. The bill also contains provisions that:
A copy of the bill text can be found here. Letters from Members of Congress Supporting the Use of Prepaid for Relief Payments A number of letters from Members of Congress to Treasury and IRS on the subject of relief payments to individuals have gone out since the CARES Act was passed last month. There are few in particular that are supportive of prepaid for the distribution of relief payments that we wanted to highlight: Reps. Meeks (D-NY)-Tipton (R-CO) – Rep. Meeks is chair of the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions. Rep. Tipton is the Vice ranking member of the Subcommittee and has been a champion of prepaid in his time in Congress. The letter proposes that Treasury Department stands up a new program to give unbanked Americans the option and ability to receive their CARES Act funds directly into a newly-opened, no-cost or minimal-cost bank account that has a linked digital and/or physical card. Reps. Loudermilk (R-GA)-Foster (D-IL) – This letter outlines the need for IRS to add an option for “prepaid” specifically in their online portals that individuals use to tell IRS where to direct their relief payments. This would reduce consumer confusion and harmonize IRS’ portals with CFPB’s website. The IPA engaged with Reps. Loudermilk and Foster’s offices on during the drafting process. Reps. Bishop (D-GA) & McBath (D-GA) – Both sent individual letters to Treasury/IRS. Their letters outline the benefits of prepaid for individuals, the underbanked, and governments and request that IRS consider including an option for prepaid in its distribution of the relief payments Sens. Jones (D-AL)-Cotton (R-AR) – This letter requests the Treasury Department utilize Direct Express as one method for disbursing relief payments as an alternative to paper checks. Senate Majority Leader Confirms Senate Will Reconvene on May 4 On April 27, Senate Majority Leader Mitch McConnell (R-KY) confirmed that the Senate will reconvene on Monday, May 4. In the press release announcing this, Leader McConnell also previewed his legislative priorities as Congress continues to respond to the COVID-19 pandemic. Among these priorities are strong protections from opportunistic lawsuits for healthcare workers and entrepreneurs and “other strong, pro-certainty, pro-growth reforms.” House Majority Leader Steny Hoyer (D-MD) announced on April 27 that the House would also reconvene on May 4, but reversed course the next day and announced that the House would stay recessed on advice of the Attending Physician. When announcing the reversal, Leader Hoyer also addressed the expected Phase 4 coronavirus relief package saying, “We will not come back next week, but we hope to come back very soon to consider the CARES 2 legislation,” adding that the House will take “the time to get that in order” before returning.  None.  NEW FEDERAL LAWS
None PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 3% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 78% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 2% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 3% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 5% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 3% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 4% chance of enactment (according to govtrack). Details Link The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members. Editors: Brian Tate, President and CEO, IPA; Ben Jackson, COO, IPA; Grant Hannah, Director of Government Relations, IPA; Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: gr@ipa.org.
This publication is intended for general information purposes only and should not be construed as legal advice. Do not act upon the information without first consulting an attorney.  CFPB Makes it Easier for Consumers to Receive Pandemic Relief Payments On April 13, the Consumer Financial Protection Bureau (CFPB) announced that they are taking affirmative steps to make it easier for consumers to receive pandemic relief payments, including the economic impact payments authorized in the CARES Act, via prepaid accounts. According to the CFPB’s statement, the agency’s release of an interpretive rule outlines that “if certain conditions are met, certain pandemic-relief payments are not “government benefits” for purposes of Regulation E and thus these payments are not subject to the compulsory use prohibition in EFTA and Regulation E.” The CFPB’s announcement also specifically states “government benefits do not include payments from federal, state, or local governments if those payments: (1) are made to provide assistance to consumers in response to the COVID-19 pandemic or its economic impacts; (2) are not part of an already-established government benefit program; (3) are made on a one-time or otherwise limited basis; and (4) are distributed without a general requirement that consumers apply to the agency to receive funds.” The CFPB goes on to note that while accounts that are not government benefit accounts per its interpretive rule may still meet another definition of “prepaid account” under the CFPB’s prepaid account rule, accounts that are established directly or indirectly through a third party and receive only qualified disaster relief funds are excluded from coverage under the prepaid account rule. Lastly, the CFPB highlights that the disbursement of COVID-19 support funds to “newly-issued prepaid account, may be faster, more secure, more convenient, and less expensive--for both the government agency and the consumer--than making disbursements through other methods such as paper check.” This announcement by the CFPB was in response to a recommendation made by the IPA to the CFPB in response to the agency’s COVID-19 industry outreach to the IPA and other groups. The IPA’s recommendation was based on the feedback we received directly from IPA members that a variety of government entities were reaching out to prepaid account providers seeking their assistance in quickly disbursing COVID-19 related relief payments to people in need of financial support during the current national emergency. The IPA is proud of the work of our member companies who are helping their customer bases, local and state communities, and other essential workers – who are the true American heroes - during this national emergency. A copy of the CFPB’s announcement can be found here and a copy of the CFPB’s Prepaid Account Final Rule can be found here. IPA Op-Ed Published in Bloomberg On April 10, an op-ed that was authored by the IPA’s CEO, Brian Tate, was published in Bloomberg Law. The op-ed outlines how prepaid accounts enable governments at all levels to help their citizens in good times and bad, the benefits prepaid accounts offer to government and consumers, and consumer protections that are in place via the CFPB. Given, that Treasury and IRS have begun to disburse Economic Impact Payments, some of which will disbursed through prepaid cards or end up on prepaid cards, the IPA believes it is more important than ever to promote a greater understanding of prepaid products, how they work, and the regulations in place to protect those who choose to utilize this safe and convenient product. The op-ed can be accessed here. IPA Webinar: Innovation in a Crisis and Beyond Join the IPA for a webinar as we talk with Krista Tedder, from Javelin Strategies and Research, about how the COIVD-19 pandemic could lead to payments innovation and change strategies to address the needs created by crisis and how the payments landscape might look as we return to normal. We will consider innovations across the payments spectrum and talk about how companies can approach fostering innovation and setting priorities. This webinar will take place on April 23 at 3 PM ET. Additional information and registration can be found here.  CONSUMER FINANCIAL PROTECTION BUREAU CFPB Files Response in PayPal Lawsuit Challenging the Prepaid Rule On April 13, the CFPB filed its response to PayPal’s complaint in their lawsuit challenging the CFPB’s Prepaid Account Final Rule. Based on our initial reading of the CFPB’s response it appears the CFPB is defending the Prepaid Rule and is denying all of the allegations PayPal outlined in their complaint. It is important to note that at numerous times in their response, the CFPB refers the Court to definitions specifically detailed in the Final Rule, including, but not limited to, when PayPal attempts to describe their General Purpose Reloadable products or digital wallet in ways that may be inconsistent with the Final Rule’s definition. As a reminder, PayPal asserts in their complaint that the Final Rule’s mandated disclosures require references to fees not actually charged, misrepresents the fees PayPal charges for certain products and services for most consumers, conflict with PayPal’s own disclosures, and that the Final Rule places unreasonable restrictions on consumers’ abilities to link certain creditproductstoPayPal’sdigitalwallets. Asaresult,theBureau’srulemakinghasresultedinconsumer misunderstandings and confusion and has deprived PayPal’s customers of access to benefits offered by PayPal, according to the company. PayPal additionally states that digital wallets are fundamentally different from GPR cards and, despite presenting evidence to the CFPB that PayPal’s digital wallet offerings differed in significant ways from GPR cards and warning of negative consequences to consumers, the CFPB unreasonably dismissed PayPal’s evidence and finalized a Rule that treats identically GPR cards and PayPal’s very different digital wallet products. PayPal finally argues that the Rule violates PayPal’s constitutional rights by forcing it to convey the government’s chosen message without regard for whether that compelled speech meaningfully advances the government’s professed interests. PayPal asks the Court to provide relief by:
DEPARTMENT OF THE TREASURY/INTERNAL REVENUE SERVICE Treasury & IRS Launch Web Portals for Coronavirus Relief Payments On April 10, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) launched a new web tool allowing registration for Economic Impact Payments for those who don’t normally file a tax return. This tool, called “Non-Filers: Enter Payment Info”, is designed to provide a free and quick option for people who did not file a tax return for 2018 or 2019 and who don't receive Social Security retirement or disability benefits or Railroad Retirement benefits. A full list of those the tool is designed for can be found in the press release announcing the launch. The IRS also notes in the press release that Economic Impact Payments will be distributed automatically to most people starting the week of April 13. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go out in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits. To help everyone check on the status of their payments, Treasury and IRS also announced the launch of a second new tool on April 15. This tool, called “Get My Payment”, provides people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them. An additional feature of Get My Payment allows eligible people a chance to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery. Additional information on the IRS’ coronavirus response can be found here. FEDERAL DEPOSIT INSURANCE CORPORATION IPA Files Comments in Response to FDIC NPR on Brokered Deposits On April 2, the IPA filed its comment letter responding to the FDIC’s proposed rulemaking (“Proposed Rule”) on Brokered Deposits. In brief, the IPA’s comment thanks the FDIC for releasing their proposal and creating exceptions to their current brokered deposit regulations. However, the IPA’s comment urges the FDIC to expand and modify their proposal by:
The IPA has finalized and received approval to file its comment letter responding to the FDIC’s RFI on “Sign and Advertising Requirements and Potential Technological Solutions.” In short, the FDIC is seeking public feedback regarding potential modernization of its sign and advertising rules to reflect that deposit-taking via physical branch, digital, and mobile banking channels continues to evolve since the FDIC last updated its rules in 2006. The IPA’s very brief comment details our recommendation, consistent with current FDIC regulations, that where FDIC insurance is being offered for a product or service, consumers should receive explicit and clear statements regarding the deposit insurance coverage. In addition, while the IPA recommends continued compliance with the current marketing/advertising rules, the draft expresses the association’s willingness to work with the FDIC on any potential changes to its regulations to keep up with changes in the marketplace. The IPA expects to submit the comment letter to the FDIC this week.  None.  None.  NEW FEDERAL LAWS
None PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 3% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 78% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 2% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 3% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 5% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 3% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 4% chance of enactment (according to govtrack). Details Link The Government Updateis issued by the Innovative Payments Association twenty times a year as a service to members.
This publication is intended for general information purposes only and should not be construed as legal advice. Do not act upon the information without first consulting an attorney.  Innovative Payments Conference Postponed All Americans are currently encountering an unprecedented set of events and challenges related to the Coronavirus (COVID-19). The Innovative Payments Association (IPA) takes the health and safety of our members very seriously. The IPA has been closely monitoring recent developments with COVID-19, including announcements from the World Health Organization, the Centers Disease Control, and declarations of a National Emergency by President Trump. Based on these developments, we have made the difficult but necessary decision to POSTPONE the Innovative Payments Conference (IPC), which was scheduled for April 6 - 8, 2020 in Washington, D.C. In the coming days the IPA will continue to be in close consultation with our conference vendor Arizent, and the Conrad Hotel, to make this transition as smooth as possible, and we will continue to update you as details about the rescheduled IPC become available. In the meantime, we ask for your continued flexibility, patience, and understanding as the IPA works with our conference partners and members to bring you the best conference experience possible later this year. If you have any questions please do not hesitate to contact Brian Tate or Ben Jackson. IPA Blog: Get Ready for Stimulus Payments Despite all the talk about checks, the Federal Government’s individual stimulus payments will be delivered mostly electronically. This will present challenges and opportunities for the payments industry. According to the text of the bill that the IPA has seen, stimulus payments can be delivered electronically to any account that the recipient has authorized to be used for the direct deposit of tax refunds. Allowing money to go to accounts authorized two years ago leads to a lot of questions. One would presume that accounts would be verified, and no surprise deposits would be made. But, if payments are rushed out the door, individual Americans might find their payments going to unexpected places. People use prepaid cards for tax refunds to get their money quickly, to separate tax refunds from day-to-day accounts, and as substitutes for bank accounts. In some instances, the recipient spends that money and leaves the card empty. In other cases, the care becomes an on-going spending tool. Providers should review their portfolios and look at the status of the cards. Are they closed, inactive, or still being used? Can you reach out to current and former cardholders and let them know that they may soon have the option to get their stimulus payments on their cards? This may be a time to offer new cards at no or a low cost for those who have abandoned their previous cards but might technically have an account on the system. It is also an opportunity to remind current and former cardholders of the features, functions, and benefits of prepaid cards. Of course, while these payments provide an opportunity to help Americans, there are risks that will come with them. With so much money being distributed, criminals will look for any opportunity to capture it. Since these are government payments, it is likely we will see schemes similar to the ones that we see every tax season including stolen identities, diversion of funds, and social engineering to tell people that they need do something like pay taxes before they can get their payments. Providers need to fine tune their fraud detection systems, prepare their call centers for social engineering, and warn their customers of increased risks. Stimulus payments will be an important tool to help Americans and keep our economy going. The payments industry will need to become a partner in making sure that the funds are delivered and used safely and efficiently. IPA Webinar: Consumer Concerns in Financial Services for 2020 In this first in a series of IPA Conference Webinars, Christina Tetreault from Consumer Reports will join us on April 6th at 2 PM ET to discuss the consumer protection concerns facing the industry. We will discuss the special considerations raised by the COVID-19 pandemic. We will also discuss the ongoing issues that will still be there after the pandemic has subsided. Topics will include early wage access products, point-of-sale lending, and faster payments. Registration and additional information can be found here.  CONSUMER FINANCIAL PROTECTION BUREAU CFPB Issues Request for Information to Assist Taskforce on Federal Consumer Financial Protection Law On March 27, the CFPB issued a request for information (RFI) to assist the Taskforce on Federal Consumer Financial Law with recommendations on harmonizing, modernizing, and updating the federal consumer financial laws. The Bureau says the Taskforce is seeking input from the public at this time to help identify areas of consumer protection on which it should focus its research and analysis during the balance of its one-year appointment. Specifically, the Taskforce asks in the RFI:
IPA Government Relations Working Group Government Update April 1, 2020 consider? Would reducing clearance times impact the demand for alternative products, such as check cashing, small-dollar loans, and overdraft protection? If so, to what extent? • What steps could be taken to promote greater competition among providers of services such as payments, financial advisory services, and savings accounts? How do third-party applications, sometimes referred to as “open banking,” affect the competition? To what extent do third-party applications raise new consumer protection risks that regulators should consider? The Taskforce is an independent body within the Bureau and reports to Director Kraninger. It is charged with examining the existing legal and regulatory environment facing consumers and financial services providers and reporting its recommendations for ways to improve and strengthen federal consumer financial laws to the Bureau’s Director. The Taskforce’s recommendations may include actions that the Bureau could carry out using its current authorities and actions that would require legislation to implement. The IPA will submit comments in response. Comments will be due 60 days after the RFI is published in the Federal Register. Additional information and full RFI can be found here. Update on PayPal v. CFPB Lawsuit On March 16, in the lawsuit filed by PayPal that challenging the CFPB’s Prepaid Rule, Judge Richard Leon denied the initial Motion for Joint Scheduling Order that was filed in February by both PayPal and the CFPB, as it did not include a deadline for the CFPB to respond to or otherwise answer PayPal’s complaint. Judge Leon further ordered the CFPB to respond to PayPal’s complaint by April 13 and that a new joint scheduling order be submitted. The new joint scheduling order was entered on March 24 and, like the previous scheduling order, lays out that all motions/filings would be completed and submitted by September. The April 13th filing will be the first opportunity to hear from the CFPB in the case and perhaps get some insight into the Bureau’s thinking on the case and how they plan to approach it. CFPB Issues Policy Statement Allowing for Flexibility During COVID-19 On March 26, the CFPB announced that, in response to the COVID-19 pandemic, it is postponing some data collections related to Bureau-rules for credit card and prepaid accounts. The Bureau says this change is intended to provide firms with more flexibility and reduce administrative burden on credit card and prepaid account issuers, allowing them to focus their time and attention on making sure consumers continue to have access to credit and other funds. In the statement implementing this change, the Bureau says: “As of March 26, 2020 and until further notice, the Bureau does not intend to cite in an examination or initiate an enforcement action against any entity for failure to submit to the Bureau the following information relating to credit card and prepaid accounts:
IPA Government Relations Working Group Government Update April 1, 2020 • Submission of prepaid account agreements and related information required by Regulation E, 12 CFR 1005.19(b).” In the statement, the Bureau also says it will notify entities of when and how to submit information under these requirements at a later date. That notification will include guidance regarding submissions that would have been made if not for this policy statement. Finally, the Bureau directs regulated entities to maintain records sufficient enough to allow them to make delayed submissions after the Bureau issues guidance. The IPA has advocated for these changes on behalf of our members. The announcement and full policy statement can be found here.  Phase 3 Coronavirus Relief Package Passes Congress and is Signed into Law On March 27, the House of Representatives passed and the president signed the “Phase 3” Coronavirus relief/stimulus package (“the CARES Act”) into law. The package previously passed the Senate in a 96-0 vote on March 25. Agreement on this over $2 trillion package came after days of negotiation between Democrats and Republicans, with Treasury Secretary Steve Mnuchin and Senate Majority Leader Mitch McConnell (R-KY) leading negotiations for Republicans and Senate Minority Leader Chuck Schumer (D-NY) leading negotiations for Democrats. The following is a brief summary of items that are included as part of the package:
 New York and California Financial Regulators Take Action in Response to COVID-19 Pandemic On March 24, the New York Department of Financial Services (DFS) issued emergency regulations pursuant an executive order from the Governor. The DFS emergency regulation provides that for the duration specified in the Governor’s Executive Order (until April 20), which may be extended, New York regulated institutions are required to: • Provide the following financial relief to any individual who can demonstrate financial hardship from the COVID- 19 pandemic, subject to the safety and soundness requirements of the regulated banking organizations: (i) eliminating fees charged for the use of Automated Teller Machines (ATMs) that are owned or operated by the regulated banking organizations; (ii) eliminating any overdraft fees; and (iii) eliminating any credit card late payment fees. On March 23, California took similar action, although their action is merely language in guidance that the Department of Business Oversight issued pursuant to an executive order from the Governor that urges banks and credit unions to waive some fees, such as ATM fees for customers and non-customers, overdraft fees, and late payment fees. Again, this is merely guidance and not regulations. Additional information on the New York regulations can be found here and additional information on the California guidance can be found here.  www.congress.gov/bill/116th-congress/senate-bill/189/text?q=%7B%22search%22:%5B%22S.189%22%5D%7D&r=1&s=1NEW FEDERAL LAWS
None. PENDING FEDERAL BILLS H.R. 189—Financial Institution Customer Protection Act of 2019 Summary: This bill specifies that a federal banking agency cannot request or order a financial institution to close a customer account unless the agency has a valid reason for doing so, and that reason cannot be only reputational risk. Introduced: Jan. 3, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 3, 2019. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 0 co-sponsors. 3% chance of enactment (according to govtrack). Details link H.R. 758—Cooperate with Law Enforcement Agencies and Watch Act of 2019 Summary: The bill would protect institutions from regulatory action for keeping accounts open at the request of law enforcement. Introduced: Jan. 24, 2019 Status: The bill was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on March 12, 2019. Sponsor: Rep. J. French Hill (R-AR); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 907—To Clarify Exclusions from the Definition of a Deposit Broker Summary: The bill would amend the Federal Deposit Insurance Act (“FDIA”) to clarify the exemptions from the definition of a “deposit broker.” Specifically, the bill would amend FDIA Section 29(g)(2)(I) to provide that a deposit broker does not include an agent or nominee (i) whose primary business purpose is not the placement of deposits with an insured financial institution; or (ii) who is an exclusive agent of an insurance company or insured depository institution affiliated with an insurance company, provided that the agent or nominee is, among other things, contractually prohibited from placing funds with any other unaffiliated depository institution. Introduced: Jan. 30, 2019 Status: The bill was referred to the House Committee on Financial Services on Jan. 30, 2019. Sponsor: Rep. Darin LaHood (R-IL); 2 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 1423—Forced Arbitration Injustice Repeal (FAIR) Act Summary: The bill would prohibit forced arbitration agreements and any agreements that would preclude class action lawsuits. Introduced: Feb. 28, 2019 Status: Received in the Senate and Read twice and referred to the Committee on the Judiciary on September 24, 2019. Sponsor: Rep. Johnson, Henry C. “Hank,” Jr. (D-GA); 222 cosponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 2514—COUNTER ACT OF 2019 Summary: This bill would make changes to the Bank Secrecy Act and anti-money laundering laws. It would require the financial regulators and Financial Crimes Enforcement Network to each appoint a civil liberties and privacy officer who would need to consult on any new regulations. It would create a public-private information sharing program between FinCEN and the financial services industry, and it would require AML training for examiners. Introduced: May 3, 2019 Status: The bill passed the House of Representatives on October 28, 2019 and was received in the Senate and referred to the Senate Banking Committee on October 29, 2019. Sponsor: Rep. Emanuel Cleaver (D-MO); 2 co-sponsors, 78% chance of enactment (according to govtrack). Details Link H.R. 2630—CASH ALWAYS SHOULD BE HONORED (CASH) ACT Summary: This bill would make it unlawful for any physical retail establishment to refuse to accept cash as payment. Introduced: May 9, 2019 Status: The bill was referred to the House Committee on Energy and Commerce on May 9, 2019. Sponsor: Rep. David Cicilline (D-RI); 10 co-sponsors. 3% chance of enactment (according to govtrack). Details Link H.R. 4501— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: September 26, 2019 Status: The bill was referred to the House Committee on Financial Services on September 26, 2019. Sponsor: Rep. Roger Williams (R-TX); 1 co-sponsor. 2% chance of enactment (according to govtrack). Details Link H.R. 4767—FINANCIAL SERVICES INNOVATION ACT OF 2019 Summary: The bill requires federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies to foster innovation in financial services. Companies would also be able to apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan. Introduced: Oct. 21, 2019 Status: The bill was referred to the House Financial Services Committee and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. On Nov. 11, 2019 it was referred to the Subcommittee on Commodity Exchanges, Energy, and Credit of the Committee on Agriculture. Sponsor: Rep. Patrick McHenry (R-NC); 1 co-sponsor; 3% chance of enactment (according to govtrack). Details Link H.R. 6116— CONSUMER FINANCIAL PROTECTION COMMISSION ACT Summary: The bill would convert the leadership structure of the CFPB from a sole director to a commission. The commission would be made up of 5 members who are appointed by the president and approved by the Senate to serve 5- year terms. No more than 3 members of the commission would be allowed to be from the same political party. The name of the Bureau would also be changed to the Consumer Financial Protection Commission. Introduced: March 5, 2020 Status: The bill was referred to the House Financial Services Committee. Sponsor: Rep. Blaine Luetkemeyer (R-MO); 25 co-sponsors; 5% chance of enactment (according to govtrack). Details Link S. 142—The American Data Dissemination Act Introduced: Jan. 16. 2019 Status: The bill was referred to the Senate Commerce, Science, and Transportation Committee on Jan. 16, 2019. Sponsor: Sen. Marco Rubio (R-FL), 0 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 149—Stop Senior Scams Act Summary: The bill would establish an advisory council made up of federal regulators and industry representatives from, among others, gift card and prepaid card companies, to collect and review information in the development of model materials to provide to retailers, financial services companies, and wire-transfer companies to be used to educate employees on how to identify and prevent scams affecting seniors. Introduced: Jan. 16, 2019 Status: The Senate Commerce, Science, and Transportation Committee ordered the bill to be reported with an amendment in the nature of a substitute favorably on July 10, 2019. It was reported out of the Commerce Committee on December 19,2019. Sponsor: Sen. Robert Casey (D-PA); 2 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 189—The Social Media Privacy Protection and Consumer Rights Act of 2019 Summary: This bill requires online platform operators to inform a user, prior to a user creating an account or otherwise using the platform, that the user’s personal data produced during online behavior will be collected and used by the operator and third parties. Introduced: Jan. 17, 2019 Status: Read twice and referred to the Committee on Commerce, Science, and Transportation on Jan. 17, 2019 Sponsor: Sen. Amy Klobuchar (D-MN); 3 co-sponsors, 3% chance of enactment (according to govtrack). Details Link S. 453—A Bill to Amend the Consumer Financial Protection Act of 2010 to Subject the Bureau of Consumer Financial Protection to the Regular Appropriations Process Summary: The bill would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau to the regular appropriations process. Introduced: Feb. 12, 2019 Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on Feb. 12, 2019. Sponsor: Sen. David Perdue (R-GA); 18 cosponsors. 3% chance of enactment (according to govtrack). Details Link S. 3108— CONSUMER TRANSACTION ACCOUNT PROTECTION ACT OF 2019 Summary: This bill would specify that consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained through a deposit broker. Introduced: December 19, 2020 Status: The bill was referred to the Committee on Banking, Housing, and Urban Affairs on December 19, 2019. Sponsor: Sen. Doug Jones (D-AL); 2 co-sponsors. 4% chance of enactment (according to govtrack). Details Link |
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