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In this podcast we cover upcoming changes to the Nacha Operating Rules as part of the Meaningful Modernization rule which takes effect September 17, 2021. We discuss the payments environment leading to the changes, new disclosures for consumer ACH authorizations, use cases and requirements for Standing Authorizations and changes for Oral Authorizations.… Continue Reading

Last fall, Nacha finalized its Meaningful Modernization rule which provides for significant changes to the Nacha Operating Rules. According to Nacha, the amendments are intended to facilitate adoption of new ACH payments technologies, increase consistency for authorizations, reduce administrative burdens related to authorizations and provide additional flexibility for ACH Originators. The amendments become effective on September 17, 2021.… Continue Reading

Earlier this month, the Federal Reserve invited comment on actions it can take “to promote ubiquitous, safe, and efficient faster payments in the United States by facilitating real-time interbank settlement of faster payments.”  Comments are due by December 14, 2018.

More specifically, the Fed is seeking comment on two potential actions. … Continue Reading

The CFPB could soon be joining the efforts of other federal regulators and New York authorities to deny ACH network access to certain online payday lenders and other businesses deemed to present risks to consumers.  In remarks last week to The Clearing House Annual Conference, Director Cordray spoke about the need to protect consumers “who find unexpected debits on their bank statements, or are victimized by third parties who may take inappropriate advantage of the efficiency and trust on which [the electronic payment] systems are built.”  … Continue Reading