Members’ input sought on NACHA, NCUA proposals
Dec. 31, 2013 – NAFCU is seeking members’ input by Jan. 10 on two proposed amendments to the operating rules of the Electronic Payments Association – NACHA and Jan. 9 on NCUA’s proposed requirements for examination sites.
In keeping with NACHA’s risk management strategy, the NACHA amendments are designed to improve network quality by reducing the number of automated clearinghouse exceptions. The proposals aim to improve origination practices by placing more responsibility on the originating depository financial institutions. NAFCU is requesting that members comment on certain aspects of the amendments, including the proposed return rate thresholds and incentive fees.
The NCUA regulatory alert focuses on the agency’s proposed rule amending its regulations on where examinations and other contacts with NCUA staff can take place, specifically limiting such meetings to a credit union’s business office or another public location. The rule was approved by the NCUA Board at its meeting on Dec. 12. NAFCU is requesting that its members comment on the proposed rule – which also requires all federal credit unions to maintain an email address or telephone number for business purposes.
NAFCU Regulatory Alert on NACHA
NAFCU Regulatory Alert on NCUA