GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
President Recommends Regulatory Reforms to Address Recent Bank Failures - President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more
Sunday’s joint statement by the Department of Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) that all depositors of Silicon Valley Bank and Signature Bank of New York would have access to...more
Federal Reserve Announces Plan for Real-Time Payment and Settlement Service - The Federal Reserve has announced that the Federal Reserve Banks will develop a new real-time gross settlement service with integrated clearing...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
Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements - The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more
The U.S. Board of Governors of the Federal Reserve System announced that it is undertaking a study that will begin this month with respect to fraud in the U.S. payments system. The study will identify causes and contributing...more
Why it matters - Has the U.S. payment system improved? The process has certainly begun, the Federal Reserve System revealed in a report detailing the steps that have been taken to modernize the system and enhance both...more
BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....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