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CUNA Regulatory Comment Call

February 10, 2000

EXECUTIVE SUMMARY

NACHA, the rulemaker for ACH, has sponsored a task force to compile a concept paper on possible solutions that would reduce the number of administrative returns in the ACH system. An administrative return is defined as any ACH item returned because the information captured by the originator from the MICR line on a check is not processable as an ACH item by the receiving institution (paying bank). Administrative returns reduce the reliability of the ACH network and inconvenience customers. Specifically, administrative returns affect those credit unions that have payable through banks and use that bank’s routing number in the MICR line. NACHA has a draft copy of the concept paper. Please send any comments you may have to Michelle Profit Assistant General Council by February 15 at mprofit@cuna.com. Please click here for a copy of the paper.