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News Now

Washington
NACHA rule change to ID originators
WASHINGTON (2/13/07)—The originators of automated clearinghouse transactions will have to be identified starting June 20 under a rule change recently adopted by NACHA, the electronic payments association. The Credit Union National Association (CUNA) has supported the identification plan. CUNA maintains that it would enhance a Receiving Depository Financial Institution’s (RDFI’s) customer service capabilities by reducing the time it would take to resolve customer service inquiries. Credit unions are more likely to be RDFIs than an originator of the payments transaction. NACHA has said that it is rare to encounter problems with the identification of companies in ACH transactions. (American Banker, Feb. 12) However, CUNA believes the new requirement will cut customer services costs by reducing the number of inquiries prompted when a consumer doesn’t recognize a transaction. CUNA is currently performing a final rule analysis of the NACHA action and will soon have more information for credit unions.


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