Newsroom

The Federal Reserve is requesting public comments on its proposed changes to Federal Reserve Banks' same-day automated clearing house (ACH) service in response to an approved final rule from NACHA – The Electronic Payments Association.

The Fed said it will consider changes to its current ACH service to correspond to the approved amendments to NACHA's ACH operating rules. The Fed Board requested comment on the adoption of an enhanced same-day ACH service that would require mandatory participation of receiving depository financial institutions and an interbank fee.

Earlier this week, NACHA approved a final same-day ACH rule that it says will enable a ubiquitous same-day capability for virtually any ACH transaction. The process will be implemented in three phases, with the first to begin Sept. 23, 2016.

After NACHA's initial proposal, NAFCU expressed concern about institutions' ability to recover costs, and reiterated the need for an industry-driven solution to achieving faster payments. NAFCU will be releasing a Final Regulation on NACHA's rule and submitting an official comment letter to the Fed.