Semi-Annual Agendas; NACHA Operating Rules
Posted by Anthony Demangone
Tis the season for agency semi-annual agendas, which show what agencies are working on from a regulatory point of view. Â I'm not sure these documents are super useful, but there is some information buried within them.
- NCUA's agenda.   NCUA discusses the privacy rule it issued a while ago, its decision to remove a confidentiality of SAR reports rule from the agenda, and its decision to withdraw the UDAP rule that pertained to credit cards. Â
- The Fed's agenda.   As I read this, we may see the Reg Z closed end rule in May.
- The FTC's Agenda.  It just mentions the privacy rule that it issued, along with NCUA and other financial regulators.  Old news.
- Treasury's Agenda.  Now, this has a little more meat on the bone.  FinCEN looks like they'll have a stored value card proposal out in April. (They better hurry up.)  My first read is that this rulemaking is limited to MSBs and should not affect depository institutions (including credit unions. ) But we'll have to wait for the proposal to know for sure. In addition, the OCC looks to issue a final SAFE Act rule in May.  If they do, I would expect NCUA and other financial regulators to follow suit.Â
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NACHA has announced that its membership has approved a "simplification" of its Operating Rules.  The effort, according to NACHA, shouldn't change the substance of the rules. They'll just be easier to digest and understand.
Previously organized around major topics, the simplified Rules framework is structured around the rights and responsibilities of participants in the ACH Network, making them more navigable by participants. In addition, clear, understandable, and consistent language has been adopted throughout the Rules as part of this process. This new version of the NACHA Operating Rules will go into effect on  January 1, 2011.