Nebraska Financial Innovation Act Update
Governor Ricketts signed the Nebraska Financial Innovation Act into law on May 26, 2021, with the law going into effect on October 1, 2021. The Act authorizes a new charter for digital asset depositories, allowing banks and savings and loans to operate a digital asset depository department within their institutions.
The Nebraska Department of Banking and Finance (Department) has made a Draft Digital Asset Department Business Plan Requirements form available on the Department's website. Other draft application materials will also be available in the near future on the Department website.
The Department is implementing the Nebraska Financial Innovation Act and will post periodic drafts of rules, regulations and other guidance documents for the emerging industry as well as other updates. All rules will have a formal rulemaking process with opportunity for public comment.
NBA Opposes Interchange Regulations
The NBA and 50 state banking associations sent a letter to Senate Judiciary Committee Chairman Dick Durbin (D-Ill.) and Ranking Member Chuck Grassley (R-Iowa) highlighting the negative impacts of the Durbin Amendment and opposing its expansion to apply to credit transactions.
The NBA also sent a letter to Senate Judiciary Committee member Sen. Ben Sasse, noting that the proposal would not decrease costs for consumers. Instead, it would lead to fewer options for consumers as community banks exit the credit card market due to increased costs and decreased revenue.
The American Bankers Association (ABA) and other organizations also submitted comments for the record ahead of a hearing on the issue.
Read the Joint Letter
Read the Letter to Senator Sasse
SAFE Banking Act Comments
The NBA and its counterparts in other states also jointly sent a letter supporting inclusion of the SAFE Banking Act in the America Competes Act. Bankers are also urged to contact Congress to help ensure banks can serve legitimate cannabis businesses.
Read the Letter
Congress Urged to Reject Overdraft Restriction Legislation
In a statement submitted for the record ahead of a Senate Banking subcommittee hearing on overdrafts, the ABA emphasized the important role that overdraft protection plays as a source of liquidity for American consumers and urged lawmakers to reject any legislation that would restrict these offerings.
Read the Statement
CFPB Offers Spanish Language Translations for Reg E, B Documents
The Consumer Financial Protection Bureau (CFPB) has released Spanish translations for certain model and sample forms included in the prepaid rule in Regulation E and for certain adverse action model and sample notices included in Regulation B, the implementing regulation for the Equal Credit Opportunity Act.
View the Reg E forms
View the Reg B forms