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Executive Summary The ACH Network is a payment system that reaches all U.S. bank and credit union accounts. ACH payments are routed utilizing the routing transit number (“routing number” or “RTN”) of the Receiving Depository Financial Institution (RDFI). …
ACH Operations Bulletin #3-2024-Open Banking and ACH Payments: The Impact of the CFPB’s Personal Financial Data Rights Final Rule
Executive Summary On October 22, 2024 the Consumer Financial Protection Bureau (“CFPB”) released its final rule implementing section 1033 of the Consumer Financial Protection Act (the “Personal Financial Data Rights Final Rule” or “Final Rule”). 1 This …
Summary In 2023, Nacha issued a Request for Comment on a proposal to standardize the use of the Individual Name field in consumer ACH Entries. While the proposal did not move forward to ballot, Nacha recommends that Originators and their Third-Party …
Summary The effective date of recently adopted rules language requiring an RDFI to notify the ODFI of the status of a request for return within 10 banking days has been extended by 6 months to April 1, 2025. In addition, two upcoming rules have effective …
Although Tax Day was April 15, the IRS and State Tax Refund Return Opt-In Programs are available year-round to help financial institutions return tax refund credits in cases of suspected error or fraud. Participation is straightforward: Simply read and …
Remote Connect is a great option for folks wanting first-rate payments education in the comfort of their home or office. Along with the more than 35 sessions, the online version will feature an exclusive keynote by Alex Sheen, founder of “because I said I …
"Ripped from the Headlines” is a pretty dramatic title for a session. But before jumping to any conclusions, it’s Smarter Faster Payments 2024, so it won’t be headlines you see at the supermarket checkout. What will it be? “We don’t know yet. The whole …
Nacha’s voting membership recently passed a set of amendments to the Nacha Operating Rules intended to reduce the incidence of successful fraud attempts and improve the recovery of funds after frauds have occurred. These Rules amendments fit together as a …
If the title “esquire” follows your name, you might be wondering what a conference called Smarter Faster Payments 2024 has for you. The answer, counselors, is plenty. “We’re offering nine legal sessions this year, so you’ll be eligible for up to nine …