Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NACHA technical changes supported by CUNA
WASHINGTON (9/26/12)--The Credit Union National Association (CUNA) in a comment letter said it supports the Electronic Payments Association's (NACHA) technical changes that would improve elements of the automated clearinghouse network, but also asked NACHA to limit additional implementation and compliance costs as it finalizes its proposal.

The NACHA changes would clarify the meaning or intent of some provisions, improve payment processing efficiency, and eliminate requirements that no longer add value to the ACH network.

One portion of NACHA's proposal would allow financial institutions that receive business debit entries to request proof of authorization from originating institutions, and would require those originators to provide that proof within 10 business days. CUNA suggested that NACHA could further clarify these changes by stating that the authorization requirement would only apply in the event of a dispute, or when charge receivers and originators do not have a pervious relationship. "The proposed requirement should not affect specified requirements under an existing contract or relationship between a business Receiver and Originator," CUNA Regulatory Counsel Dennis Tsang wrote.

The comment letter also suggested that NACHA minimize compliance burdens and permit the proof of authorization to be provided in whatever form is available instead of a specific data format.

Changes to stop payment processes and how erroneous transactions are handled are also addressed in the comment letter.

For the full comment letter, use the resource link.


RSS print
News Now LiveWire
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
7 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
8 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
10 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
10 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
13 hours ago