Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

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Nacha Government Relations Update

July 15, 2014
Advocacy Activity On July 8, 2014, Nacha briefed 20 Senate Banking, Housing and Urban Affairs Committee staffers on the attributes of the ACH Network and Nacha’s role governing the Network.
Article

Bots, Botnets and Zombies

July 1, 2014
You have probably heard terms such as “bots,” “zombies,” and “botnets” in recent news stories about data breaches and other cyber security risks. But what exactly are they, how do they work, and what damage can they cause?
Article

Layering Security for ACH File Origination

July 1, 2014
Originators and ODFIs manage their individual risk tolerance for ACH origination. These risks may include forming a relationship with an entity whose risk tolerance does not align with an organization’s own tolerance; introducing unauthorized or fraudulent transactions into the network; processing erroneous files; originating a credit file for which an Originator can’t settle, or a debit file that exceeds an Originator’s ability to fund returns; and failing to recognize deteriorating origination quality.
Article

Nacha Government Relations Update

June 30, 2014
Consumer Financial Protect Bureau (CFPB) On June 26, 2014, the U.S. Supreme Court invalidated President Obama’s authority in nominating members to the National Labor Relations Board (NLRB), sparking questions about possible “after-effects” in connection with CFPB Director Richard Cordray's ratification of actions prior to his Senate confirmation. The court held that President Obama was barred from making appointments during the three-day pro-forma period, concluding that such short recesses do not require House consent, thus not invoking the President’s recess-appointment power.
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Nacha Government Relations Attends "Preventing Third Party Cyberattacks" Event

June 24, 2014
On June 24, 2014, Nacha Government Relations attended an interactive conversation focusing on the impact of third party cyber threats have on financial markets. The panelists were Greg Garcia, executive director of the Financial Services Sector Coordinating Council, Mischel Kwon, president and CEO of Mischel Kwon and Associates, James Lewis, director and senior fellow of the Technology and Public Policy Program at CSIS, and Larry Zelvin, director of the National Cybersecurity and Communications Integration Center at DHS.
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Nacha Government Relations Attends Dodd-Frank Discussion

June 17, 2014
Between June 16 and 17, Nacha Government Relations attended "After Dodd-Frank: The Future of Financial Markets” hosted by the CATO Institute and George Mason University, in Washington. Capitol Hill speakers included Chairman Jeb Hensarling, House Financial Services Committee, and Chairman Patrick McHenry, Oversight and Investigations Subcommittee. Both delivered keynote messages focused on implementation hurdles after the Wall Street Reform and Consumer Financial Protection Act (Dodd-Frank) was signed into law, four years ago.
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Nacha Government Relations Update

June 16, 2014
Nacha’s Government Relations update provide insights to policy matters, at the federal and state level, that could impact the ACH Network. Payments News On June 10, 2014, Independent Resources Network Corp., doing business as IRN Payment Systems (IRN), a payment processing company, “agreed to pay or relinquish $1.1 million to settle Federal Trade Commission charges under the Telemarketing Sales Rule (TSR) that it knowingly assisted and facilitated a credit card interest rate reduction scam costing consumers nearly $10 million.” The case began in January 2013, when the FTC filed a complaint na
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Nacha Adds New “Examiner” School of Study to The Payments Institute Curriculum

June 11, 2014
Today, Nacha announced the addition of a new School of Study to The Payments Institute (TPI) curriculum. The “Examiner Track” School of Study provides TPI attendees with information, tools and resources to better assess and mitigate payments system risk. Coursework will focus on regulatory guidance, vendor management and risk assessment techniques.
Press Release

CFPB Semi-Annual Report to Congress

June 10, 2014
On June 10, 2014, Director Richard Cordray testified before the Senate Banking Committee at a hearing entitled, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” Key discussion topics included: Data Collection: As has been a topic of previous hearings, Senators Crapo (R-ID) and Toomey (R-PA) spent considerable time pressing Cordray on the agency's data collection efforts, and the ability for that information to be reverse engineered.
Article

CFPB Mobile Financial Services Discussion

June 10, 2014
On June 11, 2014, the Consumer Financial Protection Bureau announced that it is launching an inquiry into mobile financial services, focusing on how the use of these technologies are impacting underserved consumers with limited access to the banking system.
Article