Letters (and summaries) look at diversity, same-day ACH
Sept. 20, 2016 -- Preparation for same-day automated clearing house (ACH) payments under new rules that take effect this week, and voluntary diversity and inclusion policies and practices, are the subjects of two recent NCUA “Letters to Credit Unions” that have been summarized by NASCUS, and posted to the website.
NCUA LTCU 16-CU-06, notes that on Friday (Sept. 23), an amendment to the NACHA Operating rules becomes effective, allowing users to send same-day ACH credit payments. “Same Day ACH builds on existing next-day ACH Network capabilities and establishes a new option for same-day clearing and settlement via ACH,” the letter states. “Both ACH Operators will begin delivering same-day ACH credit payments to receiving depository financial institutions twice each banking day beginning September 23.”
The letter also points out that NACHA rules require all depository financial institutions to be ready to receive Same Day ACH credit transactions on Friday (Sept. 23).
The other letter, NCUA LTCU 16-CU-05, on voluntary diversity and inclusion practices, centers on a checklist that the agency has created to “help credit unions assess their diversity and inclusion policies and practices and identify opportunities to put those policies and practices to work.” According to the letter, the goal of the voluntary self-assessment is to establish a baseline for evaluating diversity and inclusion in the credit union system. “Individual credit union assessment results will not be shared with examiners and will have no bearing on CAMEL ratings,” the letter states. “There is no penalty for credit unions that currently have limited or no diversity or inclusion polices in place.”
Links to both letters are below, along with links to the NASCUS summaries – which are available to members only.
NCUA 16-CU-05 Voluntary diversity and inclusion policies and practices checklist
NASCUS summary of LTCU 16-CU-05 (members only)
NCUA LTCU 16-CU-06 Preparing for Same-Day Automated Clearing House (ACH) Payments
NASCUS summary of LTCU 16-CU-06 (members only)