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November 27, 2012

CFPB Proposes to Change Remittance Rule and Extends Its Effective Date

Cfpb logo 140x60pxThe Consumer Financial Protection Bureau announced today that it intends to propose certain limited adjustments to our rule on international money transfers, as well as a brief extension of the date the rule would become effective.

Some regulated entities identified issues that pose practical challenges in implementing the new law. To address these issues, next month we will propose a narrow set of changes to the remittance rule. We’ll work on a fast track to finalize changes to the rule. The proposed changes would improve implementation of the new law while keeping the important new protections for consumers intended by the Dodd-Frank Act.

New NACHA Rule Supports Electronic Health Care Claims Payments via ACH

NACHA logo 140px NACHA announced that its membership has adopted a new health care payments rule as part of the NACHA Operating Rules.

“Any health care provider with a bank account will be able to receive a health care electronic funds transfer (EFT) via ACH, just like a Direct Deposit,” said Janet O. Estep, NACHA president and CEO. “Providers will benefit from faster deposits and access to funds, and cost savings from not having to deposit paper checks. Payers will also benefit from replacing the printing and mailing of paper checks with electronic payments via ACH.”

The rule supports health plans’ and health care providers’ use of the ACH Network for electronic health care claims payments, and the electronic “reassociation” of these payments with electronic remittance advices (ERAs).

U.S. Bank Acquires FSV Payment Systems

USBank logo 140pxU.S. Bank announced that it is acquiring Florida-based FSV Payment Systems, a prepaid card processing company known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions.

“The prepaid market has been a strategic focus for our business over the last decade and we are pleased to expand our capabilities and offer a fuller suite of prepaid services,” said Tony Vuoto, executive vice president of U.S. Bank Retail Payment Solutions. “FSV Payment Systems is one of the few integrated platforms developed specifically for the prepaid market and has the flexibility to serve our growing customer base.”

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