Fed ISO 20022 final implementation details include NAFCU-sought recommendations
The Federal Reserve Board announced Monday the final timeline and implementation details for the adoption of a new Fedwire Funds Service message format, ISO 20022. The final details are similar to the proposal issued last year, including new changes consistent with NAFCU’s recommendations.
The timeline highlights that the Board confirmed that the new message format will be adopted on a single day as proposed last year, rather than in three separate phases. The Board also provided a new timeline for implementation based on review of public comments, with the new message format to be adopted on March 10, 2025. In addition, the Board provided further information regarding customer testing and other implementation details.
Of note, in a letter to the Fed earlier this year, NAFCU recommended the Board adopt a flexible implementation strategy that provides credit unions with ample time to test the ISO 20022 messaging format as early as possible.
The Fed also implemented several other that NAFCU recommendations, including:
- the revised testing strategy will include 12 months of DIT testing time for users to prepare for the migration of the Fedwire Funds Service to the ISO 20022 message format; and
- the Reserve Banks will follow a modified version of the proposed backout strategy, under which they will complete all internal and user testing activities at least two weeks prior to the ISO 20022 implementation date and make a “go/no go” decision based on internal and industry readiness.
NAFCU will continue to remain in close contact with the Federal Reserve and continue to provide credit unions with updates on this topic via NAFCU Today.
Add to Calendar 2023-05-25 14:00:00 2023-05-25 14:00:00 Regulation E Compliance and Unauthorized Activity Payments fraud and claims of unauthorized transactions have been on the rise over the last few years. We are seeing more and more sophisticated fraud, in many forms. There’s growing concern that the existing regulatory landscape may fail to address certain types of fraud we’re seeing more frequently. Financial institutions and consumers alike look to the Electronic Funds Transfer Act, implemented by Regulation E, which establishes basic rights and liabilities for consumers that use electronic funds transfers. In this webinar, Regulation E Compliance and Unauthorized Activity you’ll get a high-level overview of the current regulatory landscape and how certain types of fraud are analyzed within that regulatory framework. Topics covered include: a review of Regulation E definitions and dispute resolution provisions, the impact of the Consumer Financial Protection Bureau’s (CFPB’s) Compliance Aid (FAQs), and the increase in scrutiny of negative option marketing, such as trial services and how that may violate the regulation. Key Takeaways Examine authorized and unauthorized electronic transfers Assess liability for unauthorized transfers Note legal scrutiny of negative option marketing plans Register Now$295 Members | $395 Nonmembers (Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until May 25, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs and compliance titles NCRMs and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in this webinar NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics - Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Regulation E Compliance and Unauthorized Activity
Credits: NCCO, NCBSO, NCRM, CPE
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Add to Calendar 2023-05-23 14:00:00 2023-05-23 14:00:00 Explore Benefits and Instant Payments Use Cases for Your Credit Union In part 3 of this FedNow webinar series, spend time workshopping use cases opportunities that the FedNow Service could enable for your credit union’s business and consumer clients. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore the range of use cases that the FedNow Service could enable across B2B, B2C, C2B and P2P in different industry verticals that include entertainment, education, hospitality, lending, travel, healthcare, as well as value proposition scenarios. You’ll leave more confident in understanding the value and advantages that instant payments will provide your credit union and member base. Key Takeaways Engage with a FedNow Service expert on the types of use cases that your credit union wants to enable with instant payments. Better understand the range of instant payments use cases opportunities across various industries. Explore benefits that different use cases can offer to your members and to your own credit union. Register Now For On-Demand AccessRegistration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until May 23, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will receive 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Explore Benefits and Instant Payments Use Cases for Your Credit Union
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