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CUNA Seeks Feedback by Jan. 23 on Same Day ACH Proposed Rule, Small Credit Union Impact
Thursday, January 22, 2015 6:30 AM

CUNA is very interested in feedback from all credit unions on their comment call regarding NACHA's Same-Day ACH proposed rule. The association is especially concerned about the impact of the rule on small credit unions (e.g., institutions with less than $50 million in assets) or credit unions that may close earlier in the day or have more limited hours.

Your input is requested by Friday, Jan. 23.

Specifically, all receiving depository financial institutions (RDFIs), including credit unions regardless of asset size, would be required to receive same-day ACH payments in order to provide certainty to originators desiring same-day processing and settlement.

The proposed rule would provide a new, ubiquitous capability for moving ACH payments faster. Currently, most ACH payments are settled on the next business day; current ACH schedules and capabilities would continue to apply to transactions that are not designated as same-day ACH. The proposal would amend the NACHA operating rules to enable the option for same-day processing of virtually any ACH payment (for all types of credits and debits) except for international transactions and individual transactions above $25,000.

CUNA and its Payments Subcommittee have reviewed the proposed rule in detail to assess the potential impact, including the costs and benefits for credit unions. They continue to meet and discuss Same Day ACH and faster payments issues with NACHA, the Federal Reserve Banks, financial trade associations, corporate credit unions, and other key stakeholders.

For further information and our summary of the rule changes, please visit the CUNA website.