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Washington
NACHA seeking comment on operating rule issues
WASHINGTON (7/29/11)--Credit unions can provide the Electronic Payments Association (NACHA) with comment on a proposal that would require written authorization for debit entries to a business account, and other proposed rule changes that are meant to eliminate problems caused by some NACHA operating rules, via a new comment call. NACHA is asking for credit union views on proposed changes to the scope of accounts receivable conversion rules and return reason codes. Removing the current requirement that an originating depository financial institutions (ODFI) or originator must suffer a loss in order to dishonor an untimely return, and other changes to rules that impact ODFIs, have also been proposed. For the full comment call, use the resource link.


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