ABA suggests changes to Nacha proposals on credit, debt risk management

The American Bankers Association today offered feedback on Nacha’s recent proposal to amend nine of its operating rules on credit risk and debit risk management. In its comment letter, the association noted that further work was needed on some amendments, such as a proposed requirement that receiving depository financial institutions establish “commercially reasonable” fraud detection systems that monitor received ACH transactions.

ABA also suggested that Nacha withdraw proposals to add two new standardized company entry descriptions and standardize the use of the individual name field.