New regulations required by the Federal Reserve Bank took effect Friday, September 20. The changes require that ACH items included in the 12:00 pm ET file from the FRB have any same-day credits (transactions with the current day’s effective date) included in the file posted by 1:30 pm ET.
CU*Answers began preparations for these changes in 2018 and on September 6, 2019, activated application components that configured all clients for this requirement in readiness for the 20th.
“The ACH landscape is changing quickly after several stagnant decades, and CU*Answers is keeping ahead of the new requirements as they come down from the Fed,” says Jeffrey Miller, manager of CU*Answers OpsEngine business development. “We anticipate a rapidly changing ACH landscape and are watching developments in this area closely, particularly in the area of real-time processing.”
CU*Answers is already preparing for additional ACH changes that will take place in 2020 and 2021.