Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20
Senate Banking and House Financial Services Committees 08/28/19
House Financial Services Committee 07/16/19
Senate Banking Committee 07/15/19
U.S. House of Representatives 02/28/19

Testimony

Title Committee Presenter Date
HSFC 09/29/20
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19
Senate Banking Committee Robert A. Steen 09/25/19

Payments News

Nacha ACH modernization rules effective next month

Nacha “Meaningful Modernization” changes to improve and simplify the ACH user experience are scheduled to take effect next month.

Details: Effective Sept. 17, the Nacha improvements will define a “Standing Authorization” and expand the use of oral authorizations for consumer ACH payments.

Impact: The changes will help ACH network participants address the effects of new technologies on payments, such as obtaining oral authorization via voice assistants or using Zoom instead of a telephone.

ICBA Position: In an April 2020 comment letter, ICBA said it generally supports the changes to reduce ACH barriers, increase flexibility and consistency for authorizing consumer ACH payments, and reduce certain administrative burdens.