July 23, 2020
On July 20, 2020 the Federal Deposit Insurance Corporation (FDIC) announced the agency has issued a new Request for Information (RFI) as part of its FDiTech initiative.
July 15, 2020
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) announced it has issued a final rule regarding “Payday, Vehicle Title, and Certain High-Cost Installment Loans”, eliminating the requirement for loan underwriting and income verification, citing “insufficient legal and evidentiary bases for the 2017 rule’s mandatory underwriting provisions”.
July 15, 2020
If you are like the rest of us, both your home and professional lives may have experienced some jolts due to the ongoing pandemic. And the payments industry has not been immune either. As business conditions continue to change, now is the perfect time for Alliance members to meet virtually to discuss the shifting landscape and new opportunities that lie ahead. Sessions include:
July 15, 2020
HERNDON, Va., July 15, 2020 - The reliability and value of the ACH Network to the nation was clear in the second quarter of 2020. ACH payment volume growth of 7.9%, compared to the same period a year ago, reflects the use of the ACH Network to deliver economic assistance to individuals and businesses, as well as an acceleration in the shift from paying by paper check to paying electronically.
July 14, 2020
The coronavirus pandemic has been a learning experience in many ways, including how we conduct business and make payments. One thing many people have discovered is that paying with paper is a big pain point—especially under the constraints of social distancing—whereas paying electronically, including by ACH, is really very easy.
July 13, 2020
HERNDON, Va., July 13, 2020 – Nacha’s Afinis Interoperability Standards membership organization, which focuses on the rapid delivery of APIs and other financial services standards across the U.S. and globally, announced today it has added 17 new member organizations. Afinis brings diverse collaborators together to build and test solutions, develop implementable and portable standards, and provide thought leadership on the shared goals of advancing efficiency, surety and security, and interoperability for financial services.
July 7, 2020
As communities begin to recover from the effects of COVID-19, businesses also are starting the long process of returning to normal – slowly, but surely. And there are definitely some lessons learned. The key one, of course, is how to make payments remotely.
July 2, 2020
Dr. Amy Adair, a pediatric dentist in Northern Virginia, wrote an opinion piece on why electronic funds transfers (EFTs) for claims payments work well for dentists, especially during the pandemic. It appeared in the American Dental Association's ADA News. Earlier this year, Nacha did a case study on Dr. Adair.
June 30, 2020
July is the time we take a moment to celebrate America’s independence. While the coronavirus might have ruled out fireworks shows or a trip to the beach, it shouldn’t impede your path to financial independence. Saving money every payday is the first step, and Direct Deposit is a great way to either get started or to ramp up.
June 30, 2020
The Supreme Court ruled in a 5-4 decision (Roberts) that the CFPB’s single-director structure / “for cause” provision is unconstitutional. A separate 7-2 opinion (Roberts, Alito, Kavanaugh) ruled that the removal provision can be severed from the rest of Dodd Frank, which means the CFPB will survive.
June 29, 2020
Lyons Commercial Data is now a Nacha Preferred Partner for Routing Number, and Account and Ownership Verification. In becoming a Preferred Partner, Lyons Commercial Data joins a select group of innovators whose offerings align with Nacha’s strategies to advance the ACH Network.
June 16, 2020
Nacha staff recently met with representatives from Treasury, IRS, Fiscal Services and the ACH Operators to discuss lessons learned from the recent U.S. stimulus payments to U.S. citizens to help boost our economy due to the COVID-19 pandemic.