GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
Cyber criminals love this season because the holidays and year-end processes create perfect opportunities for fraud to thrive. This holiday season, make sure the payments coming in and out of your business get to the right...more
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
It’s not every day that community bankers and credit unions agree. Whether it is over tax-exempt status or capital requirements, we have become accustomed to the battle between community banks and credit unions. For example,...more
Why it matters - Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions...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
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