ICBA backs Nacha proposal to include Treasury bureau in ACH registry

ICBA expressed support for Nacha’s proposal to include the Treasury Department’s Bureau of the Fiscal Service in the ACH Contact Registry.

ICBA Comments: In a comment letter, ICBA said:

• Enabling BFS participation in the registry provides clear benefits to community banks by facilitating direct, reliable communication with appropriate Treasury contacts regarding ACH payments, exceptions, and time-sensitive issues such as improper payment recovery.

• Access to verified BFS contact information will also enhance fraud mitigation efforts by enabling financial institutions to authenticate inbound communications.

• Providing BFS access to the 80,000 registry participants will strengthen information sharing and coordination across payment participants.

Background: Nacha requires all depository financial institutions to maintain their ACH contact information in its directory for bank-to-bank contacts, including check fraud contacts. The BFS has not had access to the Nacha directory because it is not a depository financial institution, though it is responsible for issuing government payments like Social Security benefits and IRS refunds.

ICBA View: ICBA has long supported robust use of the ACH Contact Registry, including using its thousands of check contacts to prevent check fraud.