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Banking Sector › NACHA › Payment Systems

Sheppard Mullin Richter & Hampton LLP

Fourth Circuit Rejects Rehearing in ACH Fraud Suit Alleging Violations of KYC Rules and NACHA Operating Standards

Sheppard Mullin Richter & Hampton LLP on

On April 22, the Fourth Circuit declined to reconsider a panel ruling that found a credit union could not be held liable for a scam in which fraudsters diverted over $560,000 from a metal fabricator through unauthorized ACH...more

Hudson Cook, LLP

GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule

Hudson Cook, LLP on

Businesses using ACH will soon have to comply with a new rule, the WEB Debit Account Validation Rule, related to account validation. The effort – meant to help combat fraud and protect users – has also been a source of...more

Davis Wright Tremaine LLP

CFPB Inserts Consumer Protection Issues into Faster Payment System Developments

Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more

Davis Wright Tremaine LLP

NACHA Adopts Same-Day ACH Rule

Davis Wright Tremaine LLP on

On May 19, NACHA adopted a rule enabling the same-day processing and settlement of most types of ACH payments (same-day rule). In 2012, NACHA had proposed an Expedited Processing and Settlement (EPS) rule providing for a...more

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