Is Your Financial Institution’s Information in the ACH Contact Registry? Enforcement Begins Aug. 1

Author

Michael W. Kahn

Michael W. Kahn

Nacha

The Rule creating the ACH Contact Registry was approved more than a year ago, and in that time Nacha has been proactively making financial institutions aware of the requirement to register—first that it was on the way, and later when the Registry opened on July 1, 2020.  

More than 34,000 contacts have been registered in the first nine months. 

The original registration deadline was Oct. 30, 2020, but to give FIs a grace period, enforcement was deferred until August 1, 2021. But for those that have yet to register, the sand in the hourglass is running low. 

“Enforcement of the Rule begins Aug. 1. Failure to complete the process of registering contact information in the registry is a Class 2 level violation and could be subject to a fine,” said Lorie Nash, Nacha Senior Director of Compliance. 

The goal of the ACH Contact Registry is to make it easier for each FI to find the right person at another FI who can help. Under the Rule, all FIs using the ACH Network must register contacts for ACH operations and fraud/risk management. There’s the option for individual or departmental contacts, so long as the phone numbers and email addresses provided are monitored during normal business hours.

The ACH Contact Registry is securely housed on Nacha’s Risk Management Portal, where information is available only to registered FIs, Payments Associations and the two ACH Operators. 

“Nacha is grateful to the financial institutions that have stepped up to honor their obligations under the Nacha Operating Rules by registering their information,” said Jeanette Fox, Nacha Senior Director, Risk Investigation & ACH Network Risk Management. “Gathering the necessary information and then entering it should not be a heavy lift for any bank or credit union. And as a reminder, FIs should make sure their information is current, and make any updates in the Registry within 45 days of a change.”

While enforcement begins in August, Nash stressed that’s not what this is about.

“We greatly prefer to see ACH Network participants voluntarily comply with the Rules,” said Nash. “Enforcement actions and fines are always a last resort.” 

Learn more about the ACH Contact Registry on the Rules section of Nacha.org.

If you’re ready to enter your information on the ACH Contact Registry, go to the Risk Management Portal.

For assistance, Nacha’s Portal support number is 703-349-4556, or you can email rmportal@nacha.org