Resource HubAll Articles
The Cost of Trying to Time the MarketFrom Dimensional Fund Advisors
5/26/2022
In periods of uncertainty, the decision to do something rather than do nothing is compelling. This compulsion drives investors to sell stocks as the markets are going down and is challenging to ignore. However, research has shown that even being out of the market for a short time can be profound.
Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?
5/20/2022
Health & Welfare Plans provide benefits such as medical, dental and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended. However, the requirement was only lifted for some employers. However, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement. So, you might be asking, “Who is required to file a Health and Welfare 5500?”
Biden Administration's FY 2023 Budget Plan Calls for Corporate Tax Hikes
5/19/2022
The fiscal year 2023 budget blueprint, released by the Biden administration on March 28, reflects the President’s policy objectives. It consists of a mix of familiar proposals and brand-new initiatives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, better known as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28%.
Soaking in the SpringSaltmarsh Spring Parties
5/18/2022
If you haven’t noticed, Saltmarsh works hard and plays hard. We value time outside of our daily routines to get together, build that family-like camaraderie and take time to relax together. Our team takes care of our clients, and our firm takes care of our team, so we decided to practice some of our 33 Saltmarsh Way Fundamentals by #15 Celebrating Achievement, #22 Showing Meaningful Appreciation, #29 Investing in Relationships and #33 Keeping Things Fun!
BankTech Bytes: Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers
5/16/2022
This BankTech Bytes newsletter discusses Incident Notification Requirement updates from The Federal Register.
The Silver Lining of Today's Inflation
5/11/2022
Five months into the new year, it’s clear that 2022 will be just as unpredictable as the last five years have been. At the present moment, the S&P 500 Index (Large US Stocks) is down almost -14% on the year. The Bloomberg Barclays Aggregate Index (US Bond Market) is down -10% on the year. Inflation has persisted and has forced the Federal Reserve to tighten the money supply. Though the challenges investors face this year are substantial, it’s important to keep in mind a few things.
Our 33 Saltmarsh Way Fundamentals AwardsMay 2022
5/11/2022
On May 5th, we hosted our second Saltmarsh Fundamental Awards Ceremony! This celebration recognized individuals who live our 33 "Saltmarsh Way" Fundamentals to the fullest and practice the high-performing behaviors that continue building a sustainable culture throughout our firm.
Biden Administration's FY 2023 Budget Plan Calls for Tax Hikes on High-Net Worth Individuals
5/10/2022
The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top individual rate to 39.6%.
Market Behavior and the WeatherA Video from Dimensional Fund Advisors
5/6/2022
What can the weather teach us about investing in the stock market? If you had to live somewhere for the next 30 years, would you choose the location based on a day’s weather or the prevailing climate of the region?
The Latest FDIC Consumer Compliance Supervisory HighlightsA must-read for Compliance Officers!
5/3/2022
The latest issue of the FDIC’s Consumer Compliance Supervisory Highlights details issues identified during the agency’s approximately 1,000 exams completed in 2021. It includes aggregate citations as they relate to Level 3 and Level 2 violations. Level 3 violations present the very highest level of concern and may well lead to formal enforcement actions. The most frequently cited violations, listed below, represent 78% of the total violations cited.
Webinar Materials: The Cannabis Banking Landscape
4/27/2022
As the number of states with legalized marijuana or USDA-approved hemp programs increase, so does interest and concern around providing financial services to the industry.
Emily Lalas is Making an Impact for Non-Profits
4/27/2022
One of our senior auditors, Emily Lalas, was a guest speaker at the IMPACT 100 Pensacola Bay Area Inc. Non-Profit Workshop & Social and presented “Telling Your Story Through Financial Reporting” to help non-profits get the most out of their reporting.
WEBINAR: CFO Symposium UpdateJune 1, 2022 - GoToWebinar (2:00 PM CST/3:00 PM EST)
4/26/2022
Following the Florida Bankers Association’s annual CFO Symposium, the Saltmarsh Bank Advisors will be hosting a short update to recap hot topics including an industry overview, M&A, balance sheet strategies, ALM and more.
Inflation and The Federal Reserve
4/25/2022
Inflation is one of the most discussed topics in the media and around the water cooler today. The most widely reported measure of inflation is the Consumer Price Index, or CPI. Last month, the CPI increased year over year at an annualized rate of 8.5%. That’s up from 7.9% in February and 7.5% in January.
Andrew Kent Presenting in Florida Southern College's Fraud Conference 2022
4/20/2022
Join a powerhouse group of speakers, including Andrew Kent, Esq., CVA, CHC, Saltmarsh Healthcare Shareholder, on May 6, 2022, at the Florida Southern College Fraud Conference!
WEBINAR: ODFIs - How Do You Keep Your ACH Clients Informed?June 2, 2022 - GoToWebinar (1:00 PM CST/2:00 PM EST)
4/19/2022
Keeping your ACH clients informed is critical. In this webinar Senior Consultant Janice Weisz, AAP, will discuss the importance of educating ACH clients and will share tools and best practices to keep ACH clients informed of Nacha Rules and originator responsibilities.
You Have Your Tax Refund... Now What?
4/19/2022
This blog has been updated on 4/19/2022 from its original publishing on 3/31/2017.
Everyone’s financial situation is unique, so what may be the best course of action for one individual may not be for another. So, what do you do if you receive a tax refund? Generally, you can Save, Spend or Gift it.
Unrealized Losses in Securities Portfolios: Can We Stop the Bleeding?
4/13/2022
Over the last three months, unrealized losses in available-for-sale (AFS) securities portfolios have accelerated at a staggering rate.
HRSA Announces New Process for Late PRF Reporting
4/11/2022
The Late Reporting process is intended for providers who were required to report on their usage of Provider Relief Fund payments but were prevented from doing so due to one or more allowable extenuating circumstances.
Emily Lalas Presenting in Impact 100's Nonprofit Workshop
4/5/2022
Our very own, Senior Auditor, Emily Lalas will be presenting on “Telling Your Story Through Financial Reporting” at the Impact 100 Nonprofit Workshop & Social on April 19th at the Brownsville Community Center.
Cristine Torrefranca, CPA, Elected Treasurer of Bay Area Manufacturers Association (BAMA)
4/4/2022
Senior Manager, Cristine Torrefranca, CPA, has been elected Treasurer of Bay Area Manufacturers Association (BAMA) as of March 28, 2022!
Webinar Materials: The Impact of Major Events on Markets Over Time
3/31/2022
What insights can we glean from examining similar events in history? What was their impact on markets? Should we make any changes in investment strategy?
Have You Maxed Out the Contribution to Your Health Savings Account (HSA) for the 2021 year?April 15, 2022 is fast approaching!
3/31/2022
With the high cost of healthcare, many people with a high-deductible health plan (HDHP) establish a Health Savings Account (HSA) to pay for qualified medical expenses with tax-free dollars. Your HSA will provide you tax savings and flexibility as a wealth-building tool.
Service Spotlight: Diversity, Women & CommunityWomen's History Month, Junior Achievement and United Way!
3/30/2022
Diversity and Inclusion is important for us here at Saltmarsh. We know that equality is what sustains a firm, its people and pushes it to be better. To read more about our diversity and inclusion initiatives, read our pledge.
March was Women’s History Month, and to show our appreciation and continue to inspire equality in our communities and firm, we participated in a variety of events.
Why Should You Have a Financial Advisor?A Video from Dimensional Fund Advisors
3/30/2022
Kenneth French and Eugene Fama sat down with Dimensional Fund Advisors founder David Booth to discuss the importance of having a financial advisor regardless of your financial competency.
Saltmarsh Siren: Provider Relief Fund Reporting Period 2 Closes
3/29/2022
Provider Relief Fund Reporting Period 2 Closes Thursday, March 31, 2022, at 11:59 PM (EST). Providers who received one or more General and/or Targeted Provider Relief Fund Payments between July 1, 2020, and December 31, 2020, and totaling more than $10,000 in the aggregate must complete their reporting...
White Paper: Manufacturing Outlook, Leveraging Technology Today1st Quarter 2022 Insights from the Saltmarsh Manufacturing Team
3/24/2022
Our white paper discusses the need for cybersecurity to ensure your manufacturing company is protected and thriving in today's world.
A compromised password. That’s all it took for hackers to take down the largest fuel pipeline in the U.S. last year, which led to gas shortages and higher fuel prices across the East Coast. The cost was even more for the cyberattack victim, Colonial Pipeline. It has been reported that Colonial Pipeline paid a $4.4 million ransom to a Russia-linked cybercrime group and hired a cybersecurity firm to consult on its cyber defenses to help ward off future attacks...
Webinar Materials: The Cost of Attracting & Retaining Talent in Today's Market
3/18/2022
It seems like everyone is hiring these days, but how can you stay competitive in the employee-driven labor market of manufacturing and construction? Join us and a special guest from LandrumHR, for a webinar on how to attract the right candidates, create a successful onboarding experience and increase employee retention.
Phew! Done with Payroll Reporting for Another Year!
3/17/2022
If you are a business owner, you probably feel a huge sense of relief after the whirlwind of January, providing employees and the state and federal governments with the payroll tax returns, Form 1095’s for health insurance and preparing all the Form 1099 Misc’s and 1099 NEC’s! Next January, however, will be easier if you will take one easy step. Each vendor should complete a Form W-9 before receiving any payments.
Fiduciary vs Suitability: Finding Qualified Advisors
3/15/2022
Knowing you need financial help and actually receiving good help can be challenging if you don’t know what to look out for. So how do you find a qualified financial professional who will put your goals ahead of their own?
Nacha's WEB Debit Account Validation Rule
3/11/2022
Nacha’s WEB Debit Account Validation Rule requires ACH originators of WEB debit entries to implement a commercially reasonable method to determine that the account number to be used for a WEB debit entry is for a valid account. This means the account to be debited is a legitimate, open account to which ACH entries may be posted at the receiving depository financial institution. The requirement applies to the first use of an account number or changes to the account number.
A Disciplined Investment Strategy
2/28/2022
It’s important to have a disciplined investment strategy in place when investing. Reacting to short-term market swings by making dramatic portfolio changes will inevitably lead to a more stressful investing experience.
Webinar Recording: Trends in D&O and Cyber
2/25/2022
Webinar recording. Bank insurance renewals have become anything but routine. Dennis Gustafson from AHT Insurance joins us for a webinar on the metrics behind financial institutions’ insurance; and review trends in the D&O claims environment and how they are moving the market.
No Busy Season Blues Here!
2/24/2022
This part of the year is notoriously busy for public accounting firms like ours, but in case you haven’t noticed, we are not your stereotypical firm. We know how important it is for every one of our Saltmarsh Family members to take a breather, have some fun and enjoy the camaraderie of their teammates. One of our fundamentals at Saltmarsh is to “KEEP THINGS FUN” (#33) after all!
ODFI Responsibility to Keep its ACH Clients Informed of Nacha Rules
2/22/2022
Nacha Rules state that ODFI’s are responsible for all entries originated through the ACH Network using the ODFI’s routing number and that ODFI’s are responsible for their ACH clients' compliance with the Nacha Rules. In addition, because the payments industry is constantly evolving, ODFI’s need to keep their ACH clients informed of Nacha Rule changes. Therefore, ODFI’s should have a formalized process to keep their ACH clients informed of Nacha Rules and originator responsibilities.
Don't Let Your LinkedIn Gather Dust
2/22/2022
Social media continues to ebb and flow in modern times. It has become apparent since its birth that it is a powerful tool for showcasing your business, reaching clients, targeting audiences and sharing your personal achievements and content.
Elevate your Third-Party Risk Management Program
2/21/2022
Vendor Management, which is now trendily known as Third-Party Risk Management (TPRM), continues to get increasing regulatory attention as it should. Most of us in the banking space these days are increasingly outsourcing key operations to third parties. Peering ahead, it’s hard to imagine that changing. It looks like the next great wave to wash over TPRM could be decentralized finance (DeFi) and cryptocurrency integrations. These may even overtake traditional Fintech as banking’s biggest potential disruptor. With compliance, safety and soundness exams focusing on TPRM, it is time to consider how to evolve our programs.
Reingruber Alert: Reimbursement and Billing Updates for Medicare Providers
2/17/2022
The Protecting Medicare and American Farmers from Sequester Cuts Act impacts payments for all Medicare Fee-for-Service (FFS) claims.
Markets: In or Out?
2/15/2022
Looking back at 2021, we learned the valuable lesson of establishing a strategy and staying invested. Since the pandemic started in March 2020, there has been no shortage of bad news. However, equities had a calendar year return of 21% in 2020, and markets followed up with an equity return of 26% in 2021. When it looked like it was a time to panic, getting out of the market would have been one of the worst moves. Now, 2022 brings a new set of challenges.
BankTech Bytes: Elevate your Third-Party Risk Management Program
2/7/2022
This BankTech Bytes Newsletter discusses considerations for elevating your Third-Party Risk Management Program. Vendor Management, which is now trendily known as Third-Party Risk Management (TPRM), continues to get increasing regulatory attention as it should. Most of us in the banking space these days are increasingly outsourcing key operations to third parties.
Nacha Increasing the Same Day ACH Dollar Limit to $1 Million
1/31/2022
The Nacha Rules continue to expand the capabilities of Same Day ACH. Effective March 18, 2022, the Nacha Rules will increase the Same Day ACH per-transaction dollar limit from $100,000 to $1,000,000. This new limit will apply to all eligible Same Day ACH payments, including credits and debits for both businesses and consumers. The $1 million limit will be beneficial for many types of payments, i.e., insurance claim payments, payroll funding, business-to-business payments, tax payments and many more.
When Will We Be Able to Get Back to Normal?A Perspectives Video from Dimensional Fund Advisors
1/27/2022
Almost two years ago, a global pandemic upended our way of life. In 2020, Dimensional Founder and Executive Chairman, David Booth, spoke about 'Righting the Ship' to address the question, “When will we be able to get back to normal?”
Saltmarsh Announces Internal Promotions of 2022
1/7/2022
We're proud to announce the following internal promotions as of January 1, 2022!
Are there State Tax Liabilities for Employers if Employees Work from Home?
1/7/2022
Working from home has become more than a pandemic trend. Many workers have made remote work a condition during their job search. Companies have found it effective in a time where new hires are difficult to find. This begs the question, do states have tax jurisdiction over an entity that adds remote workers in that respective state?
2021: A Year to Remember
1/5/2022
We hope you and your families enjoyed the holiday season and are excited for this new year. Managing your investments is a responsibility we don’t take lightly, and we want to continue to help you make sound financial decisions for many years to come. Part of our responsibility is to keep you informed as to what’s going on in the financial markets. 2021 was filled with some noteworthy moments, yet these moments did very little to negatively impact the US stock markets.
Your Action Plan for the CPA Exam
12/20/2021
The CPA exam is one of the last barriers you face in your accounting career. Once you pass, the feeling of academia can truly be left behind. All the hard work spanning years in undergraduate studies, CPA study programs, and maybe even a master’s degree, can come down to four 4-hour examinations.
Reingruber Alert: HRSA Reopens the Provider Relief Fund Reporting Portal Reporting Period 1
12/17/2021
HRSA has reopened the Provider Relief Fund Reporting Portal for Reporting Period 1. The portal will be open for the completion or submission of reports through December 20, 2021, at 11:59 pm EST.
'Tis the Saltmarsh Season
12/17/2021
We love celebrating the holidays at our firm! From Hanukkah traditions to Christmas traditions to parties to Salty the Elf, we go above and beyond at Saltmarsh to spread the holiday cheer!
Beth Skarda, CPA, Elected Shareholder
12/16/2021
We're excited to announce that Beth Skarda, CPA, has been elected shareholder as of January 1, 2022.
“Clients just love working with Beth. She has been a key driver of our tax practice’s growth and a central member of our firm’s culture,” said Lee Bell, firm President. “She is truly an example of leadership and service not only to our next generation but also to the entire Pensacola community. I’m so proud to have her as a partner and our newest shareholder!”
Reingruber Alert: HRSA Announces Phase IV Provider Relief Fund Payments
12/15/2021
On Tuesday, December 14th, HRSA announced the release of $9 billion in Phase IV Provider Relief Fund Payments. More than 69,000 providers are included in this round of Phase IV payments, and payments are scheduled to start on December 16th, 2021.
Six Year-End Portfolio Planning Conversations
12/15/2021
The end of the year is fast approaching! But before you say goodbye to 2021 and hello to 2022, here are a few conversations you should have with your CPA and Financial Advisor before December 31.
Saltmarsh Named One of Forbes' Top Recommended U.S. Tax and Accounting Firms
12/9/2021
We are excited to have been chosen by industry peers for the third time in a row as one of Forbes’ 2022 Top Recommended Tax and Accounting Firms in the U.S. “It is an honor to have the firm recognized for our tax and accounting services for three consecutive years,” said Lee Bell, CPA, Saltmarsh president.
Year-End or Year Beginning?
12/8/2021
For most business owners, December is spent trying to keep their heads above water. “Do we have enough inventory? Do we have enough people to serve our customers (or clients or patients)?” It’s hard to plan for the end of the year or the beginning of the new year when you are trying to plan for the next day.
The Importance of a Personal Budget
11/30/2021
Family roles have evolved over the years, but it’s still common to see households where one person manages the finances while the other partner is less hands-on. When circumstances change due to death or divorce, the remaining spouse or partner has a new world of responsibilities placed on them during a time of high emotional stress.
Reingruber Alert: Florida Nursing Home October 1, 2021, Rate Enhancement
11/18/2021
During the Legislative Budget Commission held on November 4, 2021, the Legislature approved additional funding of $99,520,603 for Medicaid Nursing Homes* enhancing their October 1, 2021, Prospective Payment Rate for three months. Learn more...
2021 Year-End Tax Planning Webinar Series
11/17/2021
As another taxing (no pun intended) year comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. There are many beneficial strategies out there to position oneself for success in the new year and the tax experts at Saltmarsh are here to provide clarity in a multi-part webinar series. Learn more and register!
The Importance of a Financial Advisor After Death or Divorce
11/15/2021
Sometimes in life, we’re faced with challenging transitions. Few are as difficult as divorce or the death of a spouse. During these challenging times, a competent financial advisor can be invaluable.
Webinar Materials: Rethinking Financial Reporting - Nonprofit Strategy
11/8/2021
As nonprofit leaders rethink fundraising post the COVID-19 crisis, getting up-to-speed on how to tell your organization’s story through financial reporting is more important than ever. This webinar will cover how to use form 990 as a marketing tool and more!
And That's A Wrap: Manufacturing Month 2021
11/3/2021
This October, we celebrated Manufacturing Month with client outreach, educational industry webinars and client appreciation happy hours! The goal of Manufacturing Month in Florida is to bring awareness to the manufacturing industry nationwide. We have amazing manufacturing clients at Saltmarsh, so what better time to celebrate them than a month that is dedicated to their industry?
Webinar Materials: Cryptocurrency 101 - How & Why Bitcoin is the Future
10/28/2021
Cryptocurrency is quickly integrating into the financial system, which increases the need for cryptocurrency solutions. In this webinar, we provide examples of how cryptocurrency solutions are integrated within everyday banking services with safety and compliance in mind.
Lean Thinking Series Part 3: Automation in Business Spending
10/27/2021
Did you know… business adoption of automating the accounts payable process has increased by over 120% between 2018 and 2019? Automating expense and account payable spending is changing the way companies pay their suppliers and manage their cash flow.
Women in Manufacturing Panel - Creating the Next Generation of Women Leaders
10/20/2021
Get inspired by prominent women from the manufacturing community! This panel will focus on key strategies manufacturing businesses can deploy to create more opportunities for women in the workplace.
Training in a Remote Environment from a Young Professional's Perspective
10/18/2021
As CDC guidelines encouraged companies to shift to a virtual environment to minimize the spread of COVID-19, a lot of companies had to react quickly.
So, what are some things that new hires look for?
Jordan Speed Earns Certified Public Accountant Designation
10/15/2021
We are excited to announce that Jordan Speed has officially been designated as a Certified Public Accountant (CPA). Jordan worked hard to complete the parts required to pass the CPA exam, and that hard work has paid off!
Webinar Materials: Streamlining Your Company's Cashflows
10/13/2021
Cash flow in manufacturing is complex, but managing your company's cash flow shouldn't feel impossible. What you need are a few simple, actionable strategies that will take your cash flow management from chaotic to clear and productive.
Webinar Materials: Maximizing Technology to Streamline Business Processes
10/6/2021
Have you outgrown your current accounting systems? Do you have an ERP system that you are not maximizing to its fullest potential?
Digital Assets and 21st Century Estate Planning
10/4/2021
Today, more than ever, our daily routines are intertwined with a digital world that didn’t exist that long ago. Collectively, we wake up and check our phones. “For missed calls”, you ask? No, for every reason except actual phone calls. Whatever the reason, your phone has become the gateway to your life. Welcome to the 21st century! But what happens to your digital life when you’re no longer physically alive? The answer has a lot to do with the preparations you’ve made before you pass.
Webinar Materials: New Lease Standards for Non-Public Entities
9/30/2021
The effective date of the new lease standard codified in Accounting Standards Codification, Topic 842 (ASC 842) is right around the corner for non-public entities. This webinar will discuss reporting challenges created by new standards.
Reingruber Alert: Phase 4 General & ARP Rural Distributions for HRSA
9/30/2021
HRSA is now accepting applications for $25.5 billion in Phase 4 general & ARP rural distributions. Learn more about Phase 4 and Phase 3 in this recent Reingruber Alert for the healthcare industry.
Crypto: Currency or Investment?A Perspectives Video from Dimensional Fund Advisors
9/27/2021
In this video (from June 22, 2021) moderated by Regional Director Courtney Scott, Philipp Meyer-Brauns, PhD, Head of Investment Solutions Analytics and Vice President at Dimensional, discusses the volatility associated with bitcoin and evaluates whether the cryptocurrency has an expected return, can mitigate investment uncertainty, or could be used to meet short-term liquidity needs. He also analyzes the role bitcoin could play in investment portfolios.
Our 33 "Saltmarsh Way" Fundamentals Awards 2021
9/27/2021
This year, we hosted our first ever Saltmarsh Fundamental Awards Ceremony! This celebration recognized individuals who live our 33 "Saltmarsh Way" Fundamentals to the fullest. We have phenomenal team members at Saltmarsh which made it tough to pick the winners!
Webinar Materials: New Mortgage Servicing Rules
9/24/2021
This timely webinar, presented by Sandford Shatz from McGlinchey Stafford, and hosted by our Financial Institution Advisory Group, will provide a brief overview of new mortgage servicing rules in federal law. Access webinar materials here.
Cryptocurrency - It's Time to Acknowledge the Elephant in the Room
9/20/2021
I never thought I would write about cryptocurrency, but with a current global market cap of $2.24 trillion, it doesn’t really matter what I might think about it anymore. There is simply too much money in this space to ignore it any longer.
Takeaways: FDIC Industry Earnings Release Q2 2021
9/16/2021
In case you haven’t already noticed, the Federal Deposit Insurance Corporation (FDIC) released the industry earnings for the second quarter of 2021 this week, and it was a mixed bag of news.
Reingruber Alert: New Provider Relief Funds to be Distributed
9/14/2021
There are new Provider Relief Funds to be distributed! Learn more in the latest Reingruber Alert...
Are You Ready for Nacha's Set of Meaningful Modernization Rules?
9/13/2021
Nacha’s Meaningful Modernization consists of five new Rules, all of which become effective September 17, 2021. Nacha designed the Meaningful Modernization Rules to improve and simplify the ACH-user experience for businesses and customers.
Nacha's Meaningful Modernization Rule 3 - Other Authorization Issues Rule
9/10/2021
Effective September 17, 2021, in conjunction with the Standing Authorizations Rule and Oral Authorizations Rule, the Other Authorization Issues Rule includes other modifications and reorganizations of the general authorization rules for purposes of Clarity, Flexibility and Consistency.
Nacha's Meaningful Modernization Rule 2 - Oral Authorizations Rule
9/10/2021
Currently, Nacha’s Rules do not provide oral authorizations of an ACH payment outside of a telephone call. Only the Telephone-Initiated Entry (TEL) Standard Entry Class Code (SEC) has requirements to address the risks specific to an oral authorization.
Nacha's Meaningful Modernization Rule 1 - Standing Authorization Rule
9/10/2021
Originators that have, or want to use, a different model for ongoing commerce do not have specific rules for payments that are a hybrid, falling somewhere in between recurring and single entries. By defining a Standing Authorization, the Standing Authorization Rule will fill the gap between single and recurring payments and enable businesses and consumers to make more flexible payment arrangements for relationships that are ongoing in nature.
Nacha's Meaningful Modernization Rule 4 - Alternative to Proof of Authorization Rule
9/10/2021
Under the current Rules, an originator is required to provide proof of authorization to its ODFI in such time that the ODFI can respond to an RDFI request for proof of authorization within ten banking days. Some ODFIs and originators report that a “pain point” occurs when they provide proofs of authorization, but then debits are returned as unauthorized.
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