Preferred Partners are a select group of providers and innovators that contribute to NACHA’s strategic efforts and the payments ecosystem by removing friction, increasing ease, accessibility and efficiency, or supporting sound risk management and security for ACH payments.
Richard Cordray resigned as CFPB Director Friday, Nov. 24 and designated his Chief of Staff, Leandra English, as his temporary replacement, sparking a legal showdown with the White House over who will run the agency.
The NACHA Operating Rules provide for Person-to-Person (P2P) payments via ACH credit transactions. In this way, one person can transfer funds to another person. NACHA has become aware that some financial institutions and their service providers are allowing consumers to debit other consumers’ accounts. This ACH Operations Bulletin provides guidance to financial institutions and their service providers on the application of the NACHA Operating Rules and other risk management considerations relevant to the origination of such “consumer-to-other-consumer” (C2C) debits.
NACHA provides this resource area to educate consumers, businesses, financial institutions, and other parties about ways that they can protect themselves from the sustained and evolving phishing attacks in which individuals and organizations in the U.S. and other nations are receiving emails that fraudulently claim to come from NACHA regarding ACH payment transactions.
On Nov. 20, 2017, Dr. Janet L. Yellen submitted her letter of resignation from her position as a Member of the Federal Reserve System’s Board of Governors, to be effective upon the swearing in of Jerome H. Powell as her successor for Chair.
On Nov. 17, 2017, the U.S. Department of the Treasury released a report and fact sheet outlining proposed changes that would overhaul the way in which the Financial Stability Oversight Council (FSOC) addresses systemic risks, recommending a heavier focus on industry activities instead of individual firms.