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FinCEN Informational Webinars on New SAR and CTR Requirements

The Financial Crimes Enforcement Network has released recorded versions of their recent webinars reviewing the new SAR and CTR forms and instructions. Click below to access the presentation materials and session recordings.

The new forms are now available via FinCENís E-Filing System. Credit unions will be required to use the new forms starting in April 2013.


NACHA Proposal for Expedited Settlement and Processing

The much anticipated proposal from the National ACH Association (NACHA) to provide for faster processing and settlement of ACH entries was not approved by its membership in a recent ballot. Although the Expedited Processing and Settlement (EPS) proposal would have made the ACH Network more attractive for many merchants and originating financial institutions, it would have resulted in more work for all receiving institutions including credit unions.

NACHA released the following statement after the proposalís defeat:

NACHA and its members recognize that faster processing and settlement for the ACH Network is important to supporting end user needs as the payments landscape grows and changes. The majority of voting members were in favor of Expedited Processing and Settlement, but NACHA did not receive the 75 percent positive vote that was needed for it to pass.

NACHA spent two years putting together a comprehensive industry business case that was positive for both ODFIs and RDFIs. Nevertheless, the EPS ballot did not pass because of some concerns as individual organizations looked at their costs and benefits and impact on operations.

Overall, there was significant support from financial institutions, including support from medium and small FIs, for EPS. NACHA worked diligently with its Rules and Operation Committee to ensure concerns raised in RFC responses were directly addressed in the proposal balloted.

NACHA will continue to explore solutions for faster processing and settlement. In balloting EPS, NACHA was responsive to industry requests for faster processing and settlement, and we will continue to be supportive of user needs.

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