​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​is 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;  Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: [email protected].

​President Biden's On-Demand Pay Tax Proposal
The Department of the Treasury has published the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals as part of the President Biden’s budget proposal. Of particular interest to the IPA is a section that would clarify the tax treatment of on-demand pay arrangements. The section appears to indicate that the Administration is in full support of EWA and does not believe EWA products are loans. Further, it states that even if you receive your wages before payday, “on-demand” pay will be treated as paid on payday for tax purposes.
 
CFPB Issues Report on Credit Card Late Fees
The CFPB issued a report showing that credit card issuers charged $12 billion in late fees in 2020. The report also found that 18 of 20 issuers set late fees at or near the maximum allowable level, subprime and private label cardholders were particularly susceptible to late fees, late fee volume fell during time periods when households were receiving stimulus checks, and low-income areas were particularly hit with late fees.
 
GAO Access to Banking Services Report
The GAO released a report studying household use of banking services and the effect of regulatory action on financial products and services. The IPA was consulted for a substantial section on the use of prepaid card products. The report examines factors associated with households’ use of basic banking services; statutory and regulatory factors affecting service availability and cost; the use of prepaid cards and trends in the prepaid card market; and the efforts of selected federal financial regulators to address these issues.
 
CFPB Targets Unfair Discrimination in Consumer Finance
The CFPB has issued a press release announcing changes to its supervisory operations to protect against illegal discrimination. The Bureau will now rely not only on the Equal Credit Opportunity Act (ECOA), but also the Consumer Financial Protection Act (CFPA) when targeting discriminatory practices in consumer finance markets, including credit servicing, collections, consumer reporting, payments, remittances, and deposits.
 
Washington Passes Payroll Card Unclaimed Property Bill
The Washington State Legislature has passed WA SB5531, which would treat payroll cards as unclaimed property and subject to escheatment one year after issuance, and has been delivered to the Governor for his signature.
 
The IPA sent a letter with suggested changes to the bill, specifically that payroll card accounts be treated like checking, savings, and other similar deposit accounts covered by Regulation E. It does not appear they made any of our recommended changes, but we have heard from multiple sources that the legislature is going to reconsider and make changes next session, including to the provisions related to payroll cards.
 
House Passes FAIR Act
The House passed the FAIR Act (H.R. 963) by a vote of 222-209. The bill bans pre-dispute arbitration clauses in employment, consumer, antitrust, or civil rights disputes. All Democratic Representatives and one Republican, Rep. Matt Gaetz (FL-1), voted in favor of the legislation. All other Republican Representatives voted against the legislation.
 
The Fitzgerald Amendment, the only amendment that was made in order, was rejected by a vote of 184-246. The amendment would have removed the union carveout, and the AFL-CIO expressed their strong opposition to this amendment in their letter supporting the FAIR Act. In addition, the Biden Administration has issued a Statement of Administration Policy (SAP) in support of the FAIR Act and has said it would sign the bill into law if it were to be passed through the Senate. The IPA will be joining other financial industry trade associations in proactively advocating against the bill. 
 
CFPB Issues Policy On Contractual ‘Gag’ Clauses And Fake Review Fraud
The CFPB issued policy guidance on “gag” clauses and fake review fraud. In the guidance, the CFPB affirms a customer’s right to post online reviews related to financial services and products and highlights that practices such as posting fake reviews or inserting clauses that forbid customers from posting honest reviews may violate the Consumer Financial Protection Act.
 
A press release describing the guidance is available here.
 
FDIC Request for Information on Bank Merger Act
The FDIC released a request for information (RFI) soliciting comments regarding the application of the laws, practices, rules, regulations, guidance, and statements of policy that apply to merger transactions involving one or more insured depository institutions, including the merger between an insured depository institution and a noninsured institution. The FDIC is interested in receiving comments regarding the effectiveness of the existing framework in meeting the requirements of section 18(c) of the Federal Deposit Insurance Act (known as the Bank Merger Act).  The RFI has a 60-day comment period.

New Federal Bills
None.
 
Pending Federal Bills
The Stablecoin Innovation and Protection Act
Summary: This bill would require stablecoin issuers to either become a bank or to partner with a bank, and be subject to bank-like regulation. The bill also requires nonbank stablecoin issuers to maintain collateral in an amount equal to 100 percent of the value of outstanding stablecoin.
Status: Proposed, but not yet introduced.
Sponsor: Rep. Josh Gottheimer (D-NJ)
 
H.R. 6415- To amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes.
Summary: This bill amends the Federal Reserve Act to prohibit the Federal Reserve banks from offering banking products and services, including CBDC, directly to consumers.
Status: Introduced in the House and referred to the Financial Services Committee on January 18, 2022
Sponsor: Rep. Tom Emmer (R-MN)
 
H.R. 4773 – Consumer Financial Protection Commission Act
Summary: This bill removes the CFPB from the Federal Reserve System, converts the Bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the position of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.
Status: Introduced in the House and referred to the Financial Services Committee on July 28, 2021
Sponsor:  Rep. Blaine Luetkemeyer (R-MO)
 
H.R.963 – Forced Arbitration Injustice Repeal (FAIR) Act
Summary: This bill prohibits a pre-dispute arbitration agreement from being valid or enforceable if it requires arbitration of an employment, consumer, antitrust, or civil rights dispute.
Status: The bill passed the House on 3/17/2022 by a vote of 222-209 and was received in the Senate on 3/21/22.
Sponsor: Rep. Hank Johnson (D-GA)
 
H.R. 1711 – To amend the Consumer Financial Protection Act of 2010 to direct the Office of Community Affairs to identify causes leading to, and solutions for, under-banked, un-banked, and underserved consumers, and for other purposes.
Summary: This bill would direct the CFPB to conduct research on barriers to financial inclusion and identify hurdles under- and un-banked consumers. It would also require the Bureau to identify best practices to increase participation in the financial system and included a reporting requirement.
Status: Passed/agreed to in House on 5/18/21. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on 5/19/21.
Sponsor: Rep. David Scott (D-GA)
 
H.R. 1996 – SAFE Banking Act
Summary: This bill would allow marijuana-related businesses in states with some form of legalized marijuana and established regulatory structures to access the banking and payments system.
Status: Passed/agreed to in House on 4/19/21. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on 4/20/21.
Sponsor: Rep. Ed Perlmutter (D-CO)
 
H.R. 3968 - Municipal IDs Acceptance Act
Summary: This bill would require that the banking regulators update their guidance on Customer Identification Programs to state that an identification card issued by a municipality may be used by a bank to verify the identity of a customer, if such identification card enables the bank to form a reasonable belief that the bank knows the true identity of the customer.
Status: 06/23/2021 Ordered to be Reported from the Financial Services Committee in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 23.
Sponsor: Rep. Richie Torres (D-NY)
 
H.R. 4277 – Overdraft Protection Act of 2021
Summary: This bill would limit overdraft fees, both in frequency and amount, and would establish a set of practices for overdraft coverage programs.
Status: Introduced and referred to the House Financial Services Committee on 6/30/21.
Sponsor: Rep. Carolyn Maloney (D-NY)
 
IV. U.S. Congress Members Not Seeking Re-Election in 2022
The current structure of the U.S. Senate is 48 Democrats, 50 Republicans, and 2 Independents. Currently 1 Democrat and 5 Republican Senators have announced they will not be running for reelection in 2022. The current structure of the U.S. House is 222 Democrats and 211 Republicans. Currently 30 Democrat and 16 Republican House members have announced they will not be running for reelection in 2022. More information about Congressional retirements can be found here. 

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​is 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;  Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: [email protected].

IPA Op-Ed in Newsweek
 
IPA COO Ben Jackson has published an op-ed in Newsweek entitled “How Financial Innovators and Regulators Can Work Together,” detailing ways in which the financial services industry and regulator can work together to create regulatory frameworks that benefit both the industry and consumers.
 
Payments 3.0: How Free Checking Dogs Financial Services
 
IPA COO Ben Jackson has published an article in Digital Transactions outlining the unintended consequences of banks providing free checking to account holders. 

​President Biden Issues Executive Order on Digital Assets
The White House released the Executive Order on Ensuring Responsible Development of Digital Assets. The EO calls for measures to protect consumers, investors, and business; mitigate systemic risks and illicit finance; support technological advances and access to safe and affordable financial services; and the exploration of a U.S. central bank digital currency (CBDC). The report did not make any specific policy or regulatory proposals and called for reports from various regulatory agencies on the development and implementation of digital assets, including a report from the Secretary of the Treasury within 6 months on the implications of a U.S. CBDC. Notably the EO calls for a “whole of government” approach, with 13 of 23 Cabinet departments, all major financial services regulators, several science and technology offices, economic and policy officials, the intelligence community, and even the EPA playing a role in forming a crypto regulatory framework. 
 
The EO follows the President’s Working Group on Financial Markets Report of Stablecoins, the Federal Reserve’s Report on CBDC, and numerous legislative proposals from both sides of the aisle.
 
President Biden Signs $1.5 Trillion Omnibus Spending Bill
Last Friday, President Biden signed a $1.5 trillion omnibus appropriations bill to fund the federal government for the remainder of FY 2022.  The bill includes a 7% percent increase in domestic spending, a 6% percent increase in defense spending, and nearly $14 billion for Ukraine humanitarian and security assistance.  Also included in the bill were new cybersecurity provisions requiring critical infrastructure operators to report cyberattacks to the federal government. The new law gives the Cybersecurity and Infrastructure Security Agency (CISA) the authority to subpoena companies that it believes are withholding information that they’re required to report.
 
After the House leaders were forced to remove $15.6 billion in extra pandemic funding from the omnibus bill last week, the plan is for the House to pass a standalone pandemic funding bill sometime this week.
 
Sarah Bloom Raskin Withdraws Candidacy for Fed Vice Chair of Supervision
After weeks of opposition from Republicans on the Senate Banking Committee, Sarah Bloom Raskin withdrew her candidacy to be the Fed Vice Chair of Supervision in a letter to President Biden on Tuesday. Chairman Brown scheduled repeated business meetings in an attempt to hold her confirmation vote, but questions surrounding her private sector lobbying before the Kansas City Fed, and her evasiveness in responding to questions from Banking Committee Republicans proved to great an obstacle. Notably, Sen. Manchin (D-WV) has publicly stated his opposition to her confirmation. His opposition could deny Raskin enough votes on the Senate floor unless a Republican agrees to support her confirmation. To date, no Senate Republican has publicly supported her confirmation.
 
Joint Cybersecurity Advisory on Russian State-Sponsored Cyber Threats
The Cybersecurity and Infrastructure Security Agency (CISA) has issued an updated Cybersecurity Advisory which provides an overview of Russian state-sponsored cyber operations; commonly observed tactics, techniques, and procedures; detections actions; incident response guidance; and mitigations. We encourage you and your organizations to review the advisory, found here.
 
Treasury and IRS Announce Plans to Reduce Tax Return Backlog
The Treasury and IRS have issued a press release announcing their plan to reduce the backlog of tax returns caused by both underfunding and operational challenges caused by the COVID-19 pandemic. The plan involves hiring thousands of additional employees, increasing taxpayer assistance, and updating out of date technology. The IRS noted that they usually have less than one million returns outstanding going into the tax season, but this year the backlog is 15x as large

North Dakota Retailer Litigation Challenging Reg. II Dismissed
The United States District Court for the District of North Dakota issued its order last week dismissing in its entirety the litigation brought by North Dakota retailers challenging the Federal Reserve’s Regulation II. The dismissal is based on statute of limitations grounds. 
 
In the case, a group of North Dakota retailers challenged the interchange fee generally, as well as fees related to ACS costs, including network connectivity, software, hardware, equipment, network processing fees, transaction monitoring costs, and fraud losses. 

New Federal Bills
 
None.
 
Pending Federal Bills
 
The Stablecoin Innovation and Protection Act
Summary: This bill would require stablecoin issuers to either become a bank or to partner with a bank, and be subject to bank-like regulation. The bill also requires nonbank stablecoin issuers to maintain collateral in an amount equal to 100 percent of the value of outstanding stablecoin.
Status: Proposed, but not yet introduced.
Sponsor: Rep. Josh Gottheimer (D-NJ)
 
H.R. 6415- To amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes.
Summary: This bill amends the Federal Reserve Act to prohibit the Federal Reserve banks from offering banking products and services, including CBDC, directly to consumers.
Status: Introduced in the House and referred to the Financial Services Committee on January 18, 2022
Sponsor: Rep. Tom Emmer (R-MN)
 
H.R. 4773 – Consumer Financial Protection Commission Act
Summary: This bill removes the CFPB from the Federal Reserve System, converts the Bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the position of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.
Status: Introduced in the House and referred to the Financial Services Committee on July 28, 2021
Sponsor:  Rep. Blaine Luetkemeyer (R-MO)
 
H.R.963 – Forced Arbitration Injustice Repeal (FAIR) Act
Summary: This bill prohibits a pre-dispute arbitration agreement from being valid or enforceable if it requires arbitration of an employment, consumer, antitrust, or civil rights dispute.
Status: The bill passed the House Judiciary Committee on November 3 and placed on the House floor schedule on March 11, 2022.
Sponsor: Rep. Hank Johnson (D-GA)
 
H.R. 1711 – To amend the Consumer Financial Protection Act of 2010 to direct the Office of Community Affairs to identify causes leading to, and solutions for, under-banked, un-banked, and underserved consumers, and for other purposes.
Summary: This bill would direct the CFPB to conduct research on barriers to financial inclusion and identify hurdles under- and un-banked consumers. It would also require the Bureau to identify best practices to increase participation in the financial system and included a reporting requirement.
Status: Passed/agreed to in House on 5/18/21. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on 5/19/21.
Sponsor: Rep. David Scott (D-GA)
 
H.R. 1996 – SAFE Banking Act
Summary: This bill would allow marijuana-related businesses in states with some form of legalized marijuana and established regulatory structures to access the banking and payments system.
Status: Passed/agreed to in House on 4/19/21. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on 4/20/21.
Sponsor: Rep. Ed Perlmutter (D-CO)
 
H.R. 3968 - Municipal IDs Acceptance Act
Summary: This bill would require that the banking regulators update their guidance on Customer Identification Programs to state that an identification card issued by a municipality may be used by a bank to verify the identity of a customer, if such identification card enables the bank to form a reasonable belief that the bank knows the true identity of the customer.
Status: 06/23/2021 Ordered to be Reported from the Financial Services Committee in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 23.
Sponsor: Rep. Richie Torres (D-NY)
 
H.R. 4277 – Overdraft Protection Act of 2021
Summary: This bill would limit overdraft fees, both in frequency and amount, and would establish a set of practices for overdraft coverage programs.
Status: Introduced and referred to the House Financial Services Committee on 6/30/21.
Sponsor: Rep. Carolyn Maloney (D-NY)
 
IV. U.S. Congress Members Not Seeking Re-Election in 2022
The current structure of the U.S. Senate is 48 Democrats, 50 Republicans, and 2 Independents. Currently 1 Democrat and 5 Republican Senators have announced they will not be running for reelection in 2022. The current structure of the U.S. House is 222 Democrats and 211 Republicans. Currently 31 Democrat and 16 Republican House members have announced they will not be running for reelection in 2022. More information about Congressional retirements can be found here. 

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​is 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;  Eli Rosenberg, Partner, Baird Holm LLP; and Gray Derrick, Partner, Baird Holm LLP. Please address comments and suggestions to: [email protected].

​The IPA is planning to hold two events later in March for our members. 
 
On March 15, at 2 p.m. eastern, with the Federal Bureau of Investigation's San Diego Elder Justice Task Force. They will discuss trends in financial crimes against seniors and talk about how the industry and law enforcement can work together to protect senior citizens.
 
On March 22, at 3 p.m. eastern, IPA member DataSeers will present a webinar on how to adopt a data driven approach to compliance. The presentation will cover what data elements can help manage the compliance burden and how managing data can aid in adjusting to changes in the regulatory landscape.

California DFPI Issues Ruling on EWA Licensing
 
The California Department of Financial Protection and Innovation has published a interpretive opinion in response to FlexWage’s request for an opinion relating to EWA licensing under the California Deferred Deposit Transaction Law (CDDTL) with respect to its EWA product. The CA DFPI found that FlexWage is not required to obtained a license under CDDTL. This conclusion was reached by determining that employers, not FlexWage, provide EWA funds that do not exceed what they already owe employee recipients, rather than FlexWage advancing funds and attempting to recoup those funds, plus a fee or charge, on a future date.
 
HFSC Chairwoman Waters Releases March Hearing Schedule
 
House Financial Services Committee Chairwoman Maxine Waters (D-CA) released the Committee’s March hearing schedule. The Committee will hold hearings on inflation, AI, overdraft fees, and stock market oversight, in additional to a monetary policy hearing with Federal Reserve Chairman Jerome Powell and a hearing on central bank digital currencies (CBDC).
 
The witness list for the CBDC hearing has not been released, but we expect the hearing to follow up on the topics discussed at the recent hearing examining the President’s Working Group on Financial Markets’ Report on Stablecoins.
 
Washington State Bill on Payroll Card Accounts
 
Washington Senate Bill 5531 recently passed the Senate unanimously and has been introduced in the House Finance Committee. The bill would make revisions and updates to the Uniform Unclaimed Property Act and would treat payroll card accounts in the same manner as wages or checks under unclaimed property regulations and would subject them to escheatment one year after issuance.
 
The IPA has drafted a comment letter to the Washington State Legislature with the suggestion that payroll card accounts be treated like checking, savings, and other similarly deposit accounts covered by Regulation E. More information on the bill can be found here.
 
Russia Removed from SWIFT Financial System
 
In response to Russia’s invasion of Ukraine, a joint statement was issued on Saturday by the United States, the European Union, the United Kingdom, and Canada that they would disconnect select Russian banks from SWIFT, the global system which allows financial institutions to send secure messages and payment orders. The move will essentially disconnect those banks from the international financial system.
 
The full effect of the action, long considered the “nuclear” economic sanction option, remains to be seen. When Iran was removed from SWIFT in 2012 after being sanctioned by the European Union over the country’s nuclear program, they lost almost half its oil export revenue and 30% of foreign trade following the disconnection. North Korea is the only other nation to be disconnected from SWIFT.
 
Federal Reserve Issues Request for Comment on Access to Accounts and Services
 
This week the Federal Reserve issued a supplemental notice and request for comment on updates to its proposed guidelines on Account Access Guidelines. Last May, the Board requested comments on proposed guidelines to be used by Reserve Banks when evaluating requests for accounts and services. Those guidelines established a two-tier system under which requests by federally-insured institutions would be straightforward, while requests from non-federally insured institutions would require more extensive due diligence. Under the new proposed guidelines, a three-tiered system is created. Tie 1 consists of federally-insured institutions, and their requests would continue to be subject to a more streamlined review. Tier 2 consists of institutions that are not federally-insured but are subject to prudential supervision by a federal banking agency. These institutions would generally receive an intermediate level of review. Tier 3 consists of institutions that are neither federally-insured nor subject to prudential supervision. They would generally receive the strictest level of review. 
 
Republican Congressmen Raise Issues With Postal Banking Pilot Program
 
Nine Republican members of the House Financial Services Committee sent a letter to Michael Kubayanda, Chairman of the Postal Regulatory Commission, to express concern with the recent US Postal Service pilot program allowing customers to exchange a paycheck or business check for a gift card in value up to $500 at USPS offices. The members expressed concern that check cashing is far outside the traditional jurisdiction of the USPS, which by statute includes the acceptance, collections, sorting, and transportation of mail. The members also criticized the USPS for enacting the pilot program without informing the Postal Regulatory Commission or publishing notice in the Federal Register as required by the Postal Accountability & Enhancement Act.
 
The pilot program, which ran from September 12, 2021 to January 12, 2021, was used by only 6 customers and brought in only $35.70 in fees to the Postal Service.
 
Top Republicans Demand Regulators Protect Access to Financial System from Government Overreach
 
Top Republicans on the Financial Services Committee and the Subcommittee on Consumer Protection and Financial Institutions sent letters to the OCC, FDIC, Federal Reserve Board, and the Treasury Department seeking assurances that the federal cannot abuse its authority in their regulation of the financial system to block lawful business engaging in legal activities from accessing the financial system.
 
The letter specifically mentioned “Operation Choke Point,” in which the FDIC and Department of Justice used supervisory and law enforcement authority to prevent legal businesses from accessing the financial system, and Biden Administration acts to pause publication of a November 2020 notice of proposed rulemaking which would prohibit national banks and federal savings associations from categorically declining financial services to businesses engaged in lawful business activities.

New Federal Bills
 
None.
 
Pending Federal Bills
 
The Stablecoin Innovation and Protection Act
Summary: This bill would require stablecoin issuers to either become a bank or to partner with a bank, and be subject to bank-like regulation. The bill also requires nonbank stablecoin issuers to maintain collateral in an amount equal to 100 percent of the value of outstanding stablecoin.
Status: Proposed, but not yet introduced.
Sponsor: Rep. Josh Gottheimer (D-NJ)
 
H.R. 6415-
Summary: This bill amends the Federal Reserve Act to prohibit the Federal Reserve banks from offering banking products and services, including CBDC, directly to consumers.
Status: Introduced in the House on January 18, 2022
Sponsor: Rep. Tom Emmer (R-MN)
 
H.R. 4773 – Consumer Financial Protection Commission Act
Summary: This bill removes the CFPB from the Federal Reserve System, converts the Bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the position of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.
Status: Introduced in the House and referred to the House Financial Services Committee on July 28, 2021
Sponsor:  Rep. Blaine Luetkemeyer (R-MO)

H.R.963 – Forced Arbitration Injustice Repeal (FAIR) Act
Summary: This bill prohibits a pre-dispute arbitration agreement from being valid or enforceable if it requires arbitration of an employment, consumer, antitrust, or civil rights dispute.
Status: The bill passed the House Judiciary Committee on November 3.
Sponsor: Rep. Hank Johnson (D-GA)
 
H.R. 1711 – To amend the Consumer Financial Protection Act of 2010 to direct the Office of Community Affairs to identify causes leading to, and solutions for, under-banked, un-banked, and underserved consumers, and for other purposes.
Summary: This bill would direct the CFPB to conduct research on barriers to financial inclusion and identify hurdles under- and un-banked consumers. It would also require the Bureau to identify best practices to increase participation in the financial system and included a reporting requirement.
Status: Passed/agreed to in House on 5/18/21. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on 5/19/21.
Sponsor: Rep. David Scott (D-GA)
 
H.R. 1996 – SAFE Banking Act
Summary: This bill would allow marijuana-related businesses in states with some form of legalized marijuana and established regulatory structures to access the banking and payments system.
Status: Passed/agreed to in House on 4/19/21. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on 4/20/21.
Sponsor: Rep. Ed Perlmutter (D-CO)
 
H.R. 3968 - Municipal IDs Acceptance Act
Summary: This bill would require that the banking regulators update their guidance on Customer Identification Programs to state that an identification card issued by a municipality may be used by a bank to verify the identity of a customer, if such identification card enables the bank to form a reasonable belief that the bank knows the true identity of the customer.
Status: 06/23/2021 Ordered to be Reported from the Financial Services Committee in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 23.
Sponsor: Rep. Richie Torres (D-NY)
 
H.R. 4277 – Overdraft Protection Act of 2021
Summary: This bill would limit overdraft fees, both in frequency and amount, and would establish a set of practices for overdraft coverage programs.
Status: Introduced and referred to the House Financial Services Committee on 6/30/21.
Sponsor: Rep. Carolyn Maloney (D-NY)
 
IV. U.S. Congress Members Not Seeking Re-Election in 2022
 
The current structure of the U.S. Senate is 48 Democrats, 50 Republicans, and 2 Independents. Currently 1 Democrat and 5 Republican Senators have announced they will not be running for reelection in 2022. The current structure of the U.S. House is 222 Democrats and 211 Republicans. Currently 30 Democrat and 13 Republican House members have announced they will not be running for reelection in 2022. More information about Congressional retirements can be found here.