Announcing Troutman Pepper's New Payments Pros Podcast! - The Consumer Finance Podcast
A Discussion with Nacha on Proposed Rulemaking Regarding Fraud - Payments Pros: The Payments Law Podcast
GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
Making Cents of Your Cash Management Agreements
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
Back in the 1980s, President Reagan popularized an English translation of the Russian proverb "Doveryai, no proveryai" - trust, but verify. Years later, former Secretary of State John Kerry put a more modern spin on things:...more
Effective June 30, 2020, companies that are not regulated banks who initiated (as debit or credit entries) 6 million or more ACH transactions (with consumers or businesses) in 2019 will need to comply with a new National...more
Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...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
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
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
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
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
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