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Washington
NACHA to address rule problem points
WASHINGTON (9/9/10)--The Electronic Payments Association (NACHA) has proposed several changes to its operating rules that would eliminate some so-called “pain points,” areas of misunderstanding, and other problems that it identified during a rules simplification initiative that it completed earlier this year. NACHA in April reorganized its rules around the rights and responsibilities of participants in the electronic payment network, making the rules “more navigable by participants.” NACHA President/CEO Janet Estep at that time said that NACHA’s goal was “to make the rules more easily understood and the corresponding information easier to find." According to NACHA, the proposed rule changes will impact some third-party senders and originators. Specifically, NACHA has proposed requiring third-party senders to conduct yearly compliance audits and requiring Originating Depository Financial Institutions (ODFIs) to provide information on their return entries to loan originators. NACHA has also sought to clarify rules that require a receiving depository financial institution (RDFI) to return a credit entry returned to the RDFI by its consumer customer, as well as requirements regarding revocation of authorization for single-entry transactions. NACHA has also proposed altering its rules addressing the warranties and liabilities of associations, and has asked financial institutions for information on authorization requirements for corporate entries, notifications of change for single-entries, and stop payment return reason codes. Comments may be sent to NACHA until Sept. 30, and the Credit Union National Association will also accept comments until Sept. 24. For more on the NACHA proposals and CUNA’s comment call, use the resource link.
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