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| Compliance: ACH Contact Registry Deadline is Aug. 1 |
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Enforcement of Nacha’s Automated Clearing House (ACH) Contact Registry rule is effective Aug. 1, meaning credit unions must register their contacts with the registry by then. Nacha—the organization that administers the ACH network—has created several resources for credit unions to familiarize themselves with the registry.
The registry was created for financial institutions to connect with other financial institutions about ACH operations, exceptions, and risk management.
Nacha’s resources include:
• The Contact Registry rule, with a link to the portal
• A blog post with background on the registry and the rule.
• A blog post on what financial institutions should do to prepare for the Aug. 1 enforcement date
• A site with Nacha operating rules, which allows stakeholders to sign up for alerts when rules are updated, changed, or implemented.
Copyright 2023. CUNA News. (link) |
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