WASHINGTON (2/2/15)--Comments on a same-day automated clearinghouse (ACH) proposal are due in February, as well as applications for consumer advisory boards and councils at the Consumer Financial Protection Bureau (CFPB).
NACHA--The Electronic Payments Association has proposed amendments to its rules that would enable same-day processing of virtually any ACH payment. Currently, most payments are settled the next business day.
The exceptions would be international transactions and individual transactions of more than $25,000.
All receiving depository financial institutions (RDFIs), including credit unions, would be required to receive same-day ACH payments in order to provide certainty to originators desiring same-day transactions. All RDFIs will incur implementation and ongoing operating costs if the proposal is adopted in its current form.
Comments are due to NACHA Feb. 6.
The CFPB is accepting applications for the Consumer Advisory Board, Credit Union Advisory Council and Community Bank Advisory Council. Membership in the councils and board includes representatives of consumers, communities, the financial services industry and academia.
Board members typically serve for three years, and appointments to the councils are generally for two years, but both can be modified by the CFPB director.
Completed application packets are due by Feb. 28.