Jan. 3, 2014 – NAFCU is seeking members’ input on NCUA’s proposed requirements for examination sites by Jan. 9 and two proposed amendments to the operating rules of NACHA – The Electronic Payments Association by Jan. 10.Input from members will be used in the formulation of NAFCU’s official comments on these proposals.NAFCU’s regulatory alert on NCUA’s proposed rule would specify where examinations and other contacts with agency staff can take place. Among the highlights:
The proposed rule was released for comment by the NCUA Board Dec. 12.NAFCU is also requesting members’ comments on two NACHA proposals designed to improve network quality and reduce fraud by decreasing the number of automated clearinghouse exceptions. In its regulatory alert, NAFCU highlights that the proposals aim to improve origination practices by placing more responsibility on the originating depository financial institutions. NAFCU is seeking comments on certain aspects of the proposed amendments, including the proposed return rate thresholds and incentive fees.