Credit Union National Association (CUNA) chief advocacy officer Ryan Donovan released the following statement on the Federal Reserve Banks’ same-day automated clearing house (ACH) service:
“In comments to NACHA and the Federal Reserve, CUNA expressed concerns with the requirements that all receiving financial institutions have the ability to receive and post same-day ACH payments. While we support the goal of a faster payments system, we believe more could have been done to consider the implementation and other ongoing costs credit unions will face - particularly our smaller credit unions.”