GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
Businesses using ACH will soon have to comply with a new rule, the WEB Debit Account Validation Rule, related to account validation. The effort – meant to help combat fraud and protect users – has also been a source of...more
The Federal Reserve is finally stepping into the real-time payments arena. On August 5, 2019, the Board of Governors of the US Federal Reserve System (the Fed) announced that it plans to roll out a real-time payment and...more
This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more
Today we are very pleased to welcome guest blogger Greg Baer, who will address a series of significant issues posed by a detailed paper published by The Clearing House, a banking association and payments company that is owned...more
On September 23, the Federal Reserve Board announced the approval of “enhancements” to the Federal Reserve Banks’ same-day automated clearing house (ACH) service. According to the Fed, “[t]he enhancements are intended to...more
The United States Court of Appeals for the Third Circuit reversed the denial of class certification in a case brought against a bank and its payment processors that allegedly engaged in a fraudulent scheme to cause...more
On July 9, 2015, the CFPB published a set of Consumer Protection Principles it believes should guide the financial industry in the development of newer, faster methods of payment. These Principles, though merely suggestions,...more
The CFPB has released a list of nine “Consumer Protection Principles” that are intended to express the CFPB’s “vision of consumer protection in new faster payments systems.” The CFPB has previously shown support for the...more
On May 19, NACHA adopted a rule enabling the same-day processing and settlement of most types of ACH payments (same-day rule). In 2012, NACHA had proposed an Expedited Processing and Settlement (EPS) rule providing for a...more