Fraud Task Force tackles Nacha proposals, fraud responses

Examining the latest policies and proposals that could help credit unions combat fraud, America’s Credit Unions’ Fraud Task Force met Thursday.

The group discussed draft legislative proposals with similar principles as a bill introduced earlier this year, the Safeguarding Consumers from Advertising Misconduct (SCAM) Act, which would crack down on predatory online scam advertisements.
It also shared feedback on several proposals from Nacha that would amend the automated clearinghouse (ACH) return process:

• Comments due June 12 on a proposal to allow the U.S. Treasury’s Bureau of the Fiscal Service (BFS) to participate in the ACH Contact Registry. This would enable financial institutions and BFS to more easily connect with each other regarding ACH payments and exceptions;
• Comments are due June 26 on a request for information on the meaning and significance of the defined term “Banking Day” in the Nacha Operating Rules and related ACH operational issues. Nacha will use the feedback to help determine whether it should propose a related change to the Nacha Operating Rules; and
• Also with comments due June 26, a request for information on return timeframes for dishonored returns and for contesting or correcting dishonored returns.

America’s Credit Unions also asked the task force for information on how they are responding to fraud, and what would help them better detect fraud, to inform advocacy efforts in the coming weeks.