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Please Welcome Pam Rodriguez to the SFE Team

Federal Reserve Board Announces Interim Final Rule to Delete the Six-per-month Limit on Convenient Transfers from the "Savings Deposit" Definition in Regulation D

ACH Operations Bulletin #6-2020 - Nacha Provides Relief on Return Rate Levels

ACH Operations Bulletin #5-2020 - Nacha Provides Relief to RDFIs on Signature Requirements for Written Statements of Unauthorized Debit

ACH Operations Bulletin #4-2020 - Nacha Extends Effective Dates of Data Security Rule; Affirms Effective Dates of Other Rules

ACH Operations Bulletin #3-2020 - Nacha Provides Emergency Relief Related to Proofs of Authorization and Written Statements of Unauthorized Debit

Indemnification Agreement – Request for Return of Funds from ACH Entry

ACH Operations Bulletin #2-2020 - Nacha Issues Reminder Regarding ACH Responsibilities to Financial Institutions Potentially Impacted by Coronavirus

The Bite of Rule Violations

Rules Change. Stay Current and Compliant.

There is a bite to Nacha Rule violations. Nacha enforces their rules through a system of warnings and fines. In extreme cases, offending organizations could even face suspension of originating entries. Rules change on an annual basis and there is a change effective this year that will affect all United States financial institutions. Continue reading to learn about the bite of non-compliance, how to stay on top of industry changes, and what your organization needs to do to comply with the Contact Registry rule.

ACH Operations Bulletin #1-2020: Effective Date of New Same Day ACH Window is Confirmed

Federal Reserve Banks Pause Fedwire® Funds Service’s Migration to ISO® 20022 Messages to Assess Industry Request

Based on a recent industry request to revisit the ISO 20022 migration strategy, the Federal Reserve Banks announced a pause in their previously announced plans for a three-phased migration to the ISO 20022 messaging standard for the Fedwire Funds Service. As a result, Phase 1 will not be implemented in November 2020. The Federal Reserve Banks will provide an update regarding their implementation plans once the assessment is complete.

Nacha Statement on Unauthorized ACH Reversals

SFE & Center for Payments Release Survey Results on Faster Payments Readiness

The payments industry continues to evolve with improvements to network functionality and the introduction of entirely new payment rails. Trends from around the world indicate that momentum for faster payments continues to increase and expand geographically. How are financial institutions in the U.S. responding to this global trend? This study, commissioned by the Center for Payments, surveyed payments association members from across the United States to examine how financial institutions and others are planning or implementing a payments strategy and adopting new technologies, like faster payments solutions. A deeper dive into the survey responses demonstrated differences in financial institutions of various asset sizes.

SFE's Response to Potential Modifications to the FRB's National Settlement Service and Fedwire Funds Service to Support Enhancements to the Same Day ACH Service

NACHA Operations Bulletin #4-2019 Extension of the Effective Date for Rule on Supplementing Fraud Detection Standards for WEB Debits

FDIC Consumer Compliance Supervisory Highlights

The Consumer Compliance Supervisory Highlights features articles of interest to examiners, bankers and supervisors. The purpose of this publication is to enhance transparency regarding the FDIC's consumer compliance supervisory activities and includes a high-level overview of consumer compliance issues identified during 2018 through the FDIC's supervision of state non-member banks and thrifts.