NACHA Releases Proposed ACH Rules
On Wednesday, August 15, NACHA - The Electronic Payments Association released three new proposed ACH rules that would modify the NACHA Operating Rules. The first proposed rule would standardize the use of the ACH Network for person-to-person (P2P) payments, which are not currently addressed under the Operating Rules. The second proposed rule addresses certain compliance and operational topics that relate to the (1) proof of authorization for non-consumer debit entries; (2) stop payments; (3) reversals resulting in a receiver being re-credited twice; and (4) notifications of change for single entries. The third proposed rule is on amendments related to IAT (International ACH Transaction) entries. These proposals will be reviewed with the CUNA Payments Policy Subcommittee and will provide Regulatory Comment Calls shortly.