ACH Payments

News & Analysis as of

The CFPB Goes Mobile

The plastic credit card will one day go the way of the flip phone as consumers increasingly adopt innovative digital payment methods, such as Apple Pay, already available to them on their mobile devices. As a result of this...more

U.S. Appeals Court Rules That Mortgage Company Wrongfully Imposed Late Fees Based On Delay In Crediting Payments

In This Issue: - U.S. Appeals Court Rules that Mortgage Company Wrongfully Imposed Late Fees Based on Delay in Crediting Payments - Virginia Attorney General Joins Consumer Financial Protection Bureau in...more

Mortgage Servicer Must Post ACH Payment on Date of Authorization, Appeals Court Says

In Fridman v. NYCB Mortgage Co., the U.S. Court of Appeals for the Seventh Circuit recently held that If a customer authorizes an electronic payment via the servicer’s website, the servicer must credit the payment as of the...more

CFPB shows its hand on payday (and title and longer-term high-rate) lending

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the...more

NACHA White Paper Discusses Mobile Payments with ACH

On March 10, 2015, the Payments Innovation Alliance of NACHA—The Electronic Payments Association (“Alliance”) released a white paper, entitled “Leveraging the Mobile Channel for ACH Payment Innovation.” The white paper...more

CFPB Expected to Issue New Overdraft Rules in July 2015

New rules on overdraft protections and fees are a top regulatory priority for the CFPB this year. In its Fall 2014 Rulemaking Agenda, the CFPB noted that they were, “continuing to research overdraft services and considering...more

NACHA Proposes Same-Day ACH Processing

On December 8th, NACHA proposed changes to the NACHA Operating Rules that would enable almost all ACH transactions, including both credits and debits, to be processed on the same day. Currently, ACH transactions are usually...more

Financial Services Weekly News Roundup - December 2014 #2

Editor’s Note - Spotlight on FINRA Retrospective Rule Review: On December 9, FINRA announced it had issued reports on its retrospective review of two groups of rules – a report on the rules on communications with the...more

Financial Regulatory Developments Focus - October 2014 #5

In this issue: - Bank Prudential Regulation & Regulatory Capital - Derivatives - Recovery & Resolution - Shadow Banking - People - Events - Excerpt from Bank Prudential...more

CFTC Issues Interpretation Regarding Accounting for Customer Margin Payments Using Automated Clearing House Payment Processing

On October 23, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued an interpretation regarding the appropriate treatment of customer margin payments made to a futures...more

Chip-and-PIN is Coming…To the US Government

Last Friday, in the wake of numerous data breaches, President Obama signed a new Executive Order that will change how federal agencies use payment cards and allow access to certain government portals. Those changes include...more

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

FDIC Restricts Bank’s Card Businesses Pending BSA Compliance Enhancements

On June 5, the FDIC and a Delaware bank entered a consent order that prohibits the bank from entering into any new relationships with third-party prepaid card processors or prepaid card program managers until the FDIC...more

‘Operation Choke Point’ under Fire

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

FinCrimes Update - Volume 1, Issue 3

On May 8, OFAC released enforcement information regarding “apparent violations” of the Cuban Assets Control Regulations by Canadian subsidiaries of a U.S. insurance company. The U.S. company self-reported 3,560 apparent...more

FRB Seeks Comment on Multiple Changes to its Policy on Payment System Risk

The FRB issued a request for public comment (the “Request for Comment”) to Part II of the FRB’s Policy on Payment System Risk; Procedures for Measuring Daylight Overdrafts (the “PSR Policy”). The changes to the PSR Policy...more

NACHA Proposes Rules To Improve ACH Network Quality

On November 12, NACHA, which manages the development, administration, and governance of the ACH network, released two proposed rules that it describes as complementary approaches to improving ACH Network quality by reducing...more

NACHA Issues Guidelines for Using QR Codes in Bill Pay Services and ACH Payments

NACHA’s Council for Electronic Billing and Payment recently released a guide on the use of “quick response” codes (or “QR codes”) to facilitate bill pay services, including initiating ACH payments and reviewing accounts....more

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