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Washington
Inside Washington (12/28/2007)
* WASHINGTON (12/31/07)--An association for the brokerage industry has issued guidance this month regarding the supervision and review of electronic communications for brokers. The Financial Industry Regulatory Authority’s guidance requires firms to monitor all of their electronic communications used to conduct business, including e-mail, text and instant messaging, blogs, podcasts, message boards and e-faxes, and work-related messages from personal accounts. Communications must be recorded and documented, supervised and monitored, and firms are required to give their representatives and brokers guidance on what is permitted in electronic messages (Money Management Executive Dec. 28) … * WASHINGTON (12/31/07)--Electronic payments association Nacha is gaining ground on its three major initiatives to reform automated clearing house (ACH) rules. The initiatives would fight fraud, use the ACH network for online transactions and clear checks over the network (American Banker Dec. 28). Last month, a Network Enforcement Rule was passed. Its first phase was deployed two weeks ago. The rule allows higher fines, up to $500,000, for financial institutions that allow unauthorized debits. The rule also allows Nacha to suspend an originator. The second phase, effective in March, will authorize more reporting requirements for financial institutions with high levels of return. The rule is considered a rebound from Nacha’s Network Entry Fee proposal, which was rejected in 2004 because critics said it was too tough for minor infractions …


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