Welcome to Innovating Payments Top Three News Headlines for the Week of July 28, 2024. In this issue, the federal bank regulatory agencies announced their second notice requesting comment to reduce the regulatory burden. In addition, the federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, to review regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. Finally, Nacha announced that Same Day ACH reached new heights of payment volume and value as the ACH Network posted significant increases in Q2 2024.
Read on to learn more.
1. Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden (The Federal Reserve)
The federal bank regulatory agencies today announced their second notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions. (Read more.)
2. Agencies Announce Public Outreach Meeting as Part of Their Review of Regulations (The Federal Reserve)
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify any outdated or otherwise unnecessary regulatory requirements applicable to their supervised institutions. (Read more.)
3. Same Day ACH Reaches New Heights as ACH Network Volume Increases (Nacha)
Same Day ACH reached new heights of payment volume and value as the modern ACH Network posted significant volume and value increases in the second quarter of 2024, Nacha reported. There were 8.3 billion ACH payments in the second quarter, an increase of 6.3% over the same time period in 2023. The dollar value of these ACH payments totaled $21.6 trillion, a 7% increase. (Read more.)
Are there regulations you believe are outdated, unnecessary, or unduly burdensome? How will you make your voice heard? Does your financial institution anticipate participating in the September 25, 2024, virtual outreach meeting? How did your financial institution reflect the increase in Same Day ACH volume and value in Q2 2024?
Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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