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Financial Institutions › NACHA

Hudson Cook, LLP

GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule

Hudson Cook, LLP on

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

Balch & Bingham LLP

Class Action Alleging Multiple NSF fees for the Same ACH “Item”

Balch & Bingham LLP on

As we have noted in other postings, plaintiffs continue to bring actions regarding bank fees charged for Overdraft or Not Sufficient Funds (“NSF”) fees. While these claims originally challenged posting order, they are now...more

Perkins Coie

FinTech in Review

Perkins Coie on

The effective date of the new same-day Automated Clearing House (“ACH”) processing window (which would expand the end-of-day deadline to originate same-day transactions by two hours to 4:45 p.m. ET (1:45 p.m. PT)) has been...more

Davis Wright Tremaine LLP

Update: NACHA Adopts Same-Day ACH Rule

Davis Wright Tremaine LLP on

Update: The Federal Reserve received forty comments in response to its request. A majority of the commenters supported both mandatory participation by RDFIs and the same-day fee payable by ODFIs to RDFIs. Many commenters...more

Katten Muchin Rosenman LLP

Federal Reserve To Require Same-Day ACH Service

Katten Muchin Rosenman LLP on

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

Davis Wright Tremaine LLP

CFPB Inserts Consumer Protection Issues into Faster Payment System Developments

Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more

Goodwin

CFPB: Principles for Faster Payment Systems

Goodwin on

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

Ballard Spahr LLP

CFPB releases “Consumer Protection Principles” for faster payment systems

Ballard Spahr LLP on

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

Burr & Forman

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Davis Wright Tremaine LLP

NACHA Adopts Same-Day ACH Rule

Davis Wright Tremaine LLP on

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

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