Nacha News: Updated COVID-19 guidance and new rules

first_img This post is currently collecting data… ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr This is placeholder text continue reading »center_img Over the past several months, Nacha has been busy helping credit unions navigate the pandemic but they have also been busy pushing forward with the modernization of the ACH network. Today’s post highlights some recent actions Nacha has taken.COVID-19 GuidanceAt the start of the pandemic, Nacha issued a series of bulletins alerting credit unions to changes it was making to accommodate the virtual environment that was becoming commonplace across the world. The bulletins offered relief related to records, electronic Written Statements of Unauthorized Debit (WSUD) and returns for interrupted services. Nacha also delayed the effective date of the new Supplementing Data Security Requirements rule. More on these bulletins can be found in this NAFCU Compliance Blog post.Last month, Nacha issued an update on this relief. In ACH Operations Bulletin #7-2020, Nacha extended the relief indefinitely and noted it will provide 30-day advance notice prior to expiration. Here is a summary from the bulletin of the covered relief:last_img read more