In the upcoming weeks, there are important implementation dates and deadlines for ACH Network participants to be aware of. Three upcoming Rules go into effect June 30, while feedback to a Request for Comment is due July 1 and to a Request for Information July 16.
- Supplementing Data Security Requirements: The existing ACH Security Framework Rule – including its data protection requirements – will be supplemented to explicitly require large, non-Financial Institution Originators, Third-Party Service Providers and Third-Party Senders to protect deposit account information by rendering it unreadable when it is stored electronically. Learn More
- Limitation on Warranty Claims: The Limitation on Warranty Claims limits the length of time in which an RDFI will be permitted to make a claim against the ODFI’s authorization warranty. Learn More
- Reversals: This Rule clarifies improper uses of reversals, adds new reasons for proper reversals, and permits RDFIs to return improper reversals. Learn More
Open for Comment
- Third-Party Sender Roles and Responsibilities: Nacha is seeking comment and feedback from industry stakeholders on two related Rules proposals collectively referred to as “Third-Party Sender Roles and Responsibilities.” Comments are due July 1. Learn More
- Risks of Early Funds Availability: Nacha is seeking industry comment and feedback (Request for Information) on whether a Rules proposal should be developed to adjust the allocation of risk when RDFIs make funds from ACH credits available early, before the settlement date of the ACH credit. Feedback is due July 16. Learn More