Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA concerned with ACH compliance implementation costs
WASHINGTON (8/22/11)—The Credit Union National Association (CUNA) is concerned by potential increases in ACH system compliance and implementation costs, and has offered several recommendations on how NACHA, the electronic payments association, can improve the network. NACHA has proposed several changes to its operating rules that would eliminate some so-called "pain points," areas of misunderstanding, and other problems that it identified during a rules simplification initiative that it completed earlier this year. Among those changes are requiring written authorization for debit entries to a business account if there is no existing contract or relationship. The association is also considering providing a new return reason code to stop all future payments and removing the current requirement of separate Web Initiated-Entry exposure limits for originating depository financial institutions (ODFIs). NACHA may also remove a current requirement which states that an ODFI must suffer a loss to dishonor an untimely return. For CUNA’s comment on these issues, use the resource link.


RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
12 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
17 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
17 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
18 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
19 hours ago