CUNA Regulatory Comment Call

October 9, 2008

NACHA Proposal On Authorizations And Returns

EXECUTIVE SUMMARY

Please feel free to send your comments to CUNA SVP & Deputy General Counsel Mary Dunn at mdunn@cuna.com or to Assistant General Counsel Lilly Thomas at lthomas@cuna.com; or mail them to Lilly c/o CUNA’s Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, Suite 600, Washington, D.C. 20004. Click here for a copy of this Request for Comment.

DISCUSSION OF PROPOSAL

Written Statement Under Penalty of Perjury

Return Reason Codes

Additional Proposed Changes

QUESTIONS REGARDING THE PROPOSAL

  1. Do you support the proposed requirement to provide specific information on a Receiver’s Statement that a debit was unauthorized?
    Yes _____
    No _____
    Please explain
















  2. Do you believe the information that would be required on a Receiver’s Statement is sufficient?
    Yes _____
    No _____
    Please explain
















  3. Do you support the shorter timeframe for an RDFI to respond to a request for a copy of the Receiver’s Statement of Unauthorized Debit from 60 days to 10 banking days?
    Yes _____
    No _____
    Please explain
















  4. Do you support eliminating the requirement that a Receiver’s Statement of Unauthorized Debit be made under penalty of perjury?
    Yes _____
    No _____
    Please explain
















  5. Do you agree with the proposed one-year record retention requirement for a Receiver’s Statement?
    Yes _____
    No _____
    Please explain
















  6. Do you support eliminating the requirement that a Receiver’s Statement of Unauthorized Debit be made under penalty of perjury?
    Yes _____
    No _____
    Please explain
















  7. Do you support the consolidating the return reason codes for unauthorized entries and establishing subcodes for use in the adjustment entry’s addenda record?
    Yes _____
    No _____
    Please explain
















  8. Are there subcode reasons that should be included or removed?
    Yes _____
    No _____
    Please explain
















  9. Do you support an implementation date of December 18, 2009 for changes that have no ACH software impacts and March 19, 2010 for the changes that require ACH software modifications?
    Yes _____
    No _____
    If not, what date would be more appropriate?
















  10. Please provide any additional comments.
















Eric Richard • General Counsel • (202) 508-6742 • erichard@cuna.com
Mary Mitchell Dunn • SVP & Deputy General Counsel • (202) 508-6736 • mdunn@cuna.com
Jeffrey Bloch • Assistant General Counsel • (202) 508-6732 • jbloch@cuna.com
Lilly Thomas • Assistant General Counsel • (202) 508-6733 • lthomas@cuna.com
Luke Martone • Senior Regulatory Counsel • (202) 508-6743 • lmartone@cuna.com