ICBA commended Nacha for its “Meaningful Modernization” proposals to improve and simplify the ACH user experience. The proposals would facilitate the adoption of new technologies and channels for initiating consumer ACH payments, reduce ACH barriers, increase flexibility and consistency for authorizing consumer ACH payments, and reduce certain administrative burdens.
ICBA generally supported the proposals, with some clarifications. However, ICBA expressed strong concerns in response to a non-rulemaking request for information proposal to allow ACH originators to refute the basis of a return as unauthorized, which would place a disproportionate burden on receiving depository financial institutions.
Read ICBA comments.