On June 30, Nacha will implement three new rules:
- Supplementing Data Security: The existing ACH Security Framework Rule -- including its data protection requirements -- will be supplemented to explicitly require large, non-FI Originators, Third-Party Service Providers and Third-Party Senders to protect deposit account information by rendering it unreadable when it is stored electronically.
- Limitation on Warranty Claims: This new rule limits the length of time in which an RDFI will be permitted to make a claim against the ODFI’s authorization warranty.
- Reversals and Enforcement: The Rule will explicitly address improper uses of reversals. It will expand the permissible reasons for a reversal to include a “wrong date” error, and will establish formatting requirements for reversals, beyond the current standardized use. Additionally, it will explicitly permit an RDFI to return an improper Reversal.