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CUNA Supports NACHA Codification of Reg E Changes

in support of its efforts to incorporate Regulation E mandates into its rules. However, CUNA warned that the proposal would make some minor changes to the rule on a Receiver's right to recredit and a receiving depository institution's right to adjustment for Accounts Receivable, point of purchase, and Back Office...

By Staff Writer | Updated on August 15, 2006

WASHINGTON — CUNA wrote the Electronic Payments Association–NACHA–in support of its efforts to incorporate Regulation E mandates into its rules. However, CUNA warned that the proposal would make some minor changes to the rule on a Receiver’s right to recredit and a receiving depository institution’s right to adjustment for Accounts Receivable, point of purchase, and Back Office Conversion entries. “The changes would include language that clarifies that ARC and BOC entries that are converted even though a Receiver opted out would be unauthorized and could be returned for up to sixty days,” CUNA wrote. “We support these modifications but note that the likelihood of duplicate transactions may increase and research may take longer since checks and ACH transactions are cleared through separate payment systems.”

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