Fed reps to update NAFCU committee on payments improvements
NAFCU's Cybersecurity and Payments Committee will hold its second-quarter meeting today to discuss ongoing efforts at the Federal Reserve to strengthen payments systems. NAFCU – through letters to and meetings with the Fed – has reiterated that the Fed should serve an "operational role" in the process of improving real-time payments.
Federal Reserve Bank of Chicago Vice President of Secure Payments Ed O'Neill and Federal Reserve System Senior Vice President of Industry Relations Connie Theien will provide updates on secure and faster payments during today's meeting.
O'Neill will provide NAFCU committee members with an overview of the payment security landscape and the Fed's Secure Payments Task Force. He will also detail results from the Fed's payment fraud study, how the Fed will use those findings for improvement efforts and how credit unions can engage in the Fed's efforts.
Theien will go over next steps for the Fed's Payments Improvement Initiative following the conclusion of the Faster Payments Task Force with the committee. She will also explain the proposed U.S. Faster Payments Council, which would coordinate the remaining implementation work identified by the Fed's payment task forces – both on which NAFCU served – and is designed to be a non-profit forum for industry collaboration. Comments on the council proposal are due June 22; those wanting to submit comments can do so here.
NAFCU has available a new whitepaper created by the association's regulatory compliance team – free for download now – explaining how the demand for faster and more convenient payments is impacting credit unions' regulatory and contractual responsibilities. The association also has encouraged the Fed to leave the development of rules and standards for real-time payments to private-sector organizations.
The committee will meet again Sept. 4.
Add to Calendar 2019-08-27 14:00:00 2019-08-27 14:00:00 Overdrafts and Error Resolution Procedures This presentation will review the regulatory requirements and practical considerations related to overdrafts and error resolution. Recently, there has been a rise in litigation and claims related to disclosures made for overdrafts and associated practices. We will review the applicable requirements for overdrafts and error resolution protocol to ensure that responsible overdraft programs are in place to protect not only the credit union but its members. Key Takeaways: Understand the importance of Regulation E’s safe harbors Learn how to maintain clear terminology in account agreements to avoid claims based on ambiguity Identify suitable policies and procedures that should be implemented to ensure compliance Understand how examiner training and secondary disclosure review will help minimize process errors Review card chargebacks and electronic transfer issues Discuss currently litigated issues posing the most risk to credit unions Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until August 27, 2020. Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk staff Credit Union Staff Attorneys Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the importance of Regulation E’s safe harbors. Learn how to maintain clear terminology in account agreements to avoid claims based on ambiguity. Identify suitable policies and procedures that should be implemented to ensure compliance. Understand how examiner training and secondary disclosure review will help minimize process errors. Review card chargebacks and electronic transfer issues. Discuss currently litigated issues posing the most risk to credit unions. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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
Credits: NCCO, NCRM, CPE
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