WASHINGTON (10/27/14)--A new proposal on NACHA, the Electronic Payments Association compliance and operational topics should minimize implementation and compliance costs, says the Credit Union National Association.
In a letter filed Friday, signed by CUNA Assistant General Counsel Dennis Tsang, CUNA said it generally supports the proposal.
The proposal includes changes to the 15-day notification period to re-credit the receiver, a revision to the field inclusion requirement for telephone-initiated entries, clarification to notification of change to warranties, clarification to data specifications and establishing an obligation for disclosure requirements for point-of-sale entries.
"While these are mostly technical changes, we ask NACHA to minimize implementation and compliance costs on [Receiving Depository Financial Institutions] RDFIs and Originating Depository Financial Institutions (ODFIs) affected by these changes," the letter reads. "We also believe NACHA should provide sufficient time for RDFIs and ODFIs to make any system and software changes to implement the rules."
Tsang added that the proposed effective date of March 18, 2016, should provide sufficient lead time for the changes that require some system modifications.