NACHA Releases Interim Policy on Data Breaches
RESTON, Va. — NACHA–the Electronic Payments Association–has issued an interim policy to deal with security breaches of the automated clearinghouse system.
The key points of the Operations Bulletin are that an Originating Depository Financial Institution must notify NACHA of a breach of consumer-level data and the ODFI must also make information about the breach available to the affect Receiving Depository Financial Institutions. The interim policy became effective Sept. 28, however NACHA will not enforce it until a final rule is adopted.
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