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January 2023 PAYMENTS Connection News 2023 NACHA OPERATING RULES GUIDELINES BOOKS ARE HERE FedNow Service Pricing is in Page 4 ACH Network Prospers Through Economic Uncertainty Page 4 Joint Statement on Crypto Asset Risk to Banking Organizations Page 2 Page 5 Truth in Lending Reg Z Annual Threshold Adjustment Page 5

PaymentsFirst Monthly Issue PAYMENTS CONNECTION NEWS PaymentsFirst is Members First 2023 Certification Exam Dates 2023 Complimentary Power Hours March 10 2023 June 9 2023 September 8 2023 December 8 2023 2023 Nacha Operating Rules Guidelines are in ORDER HERE!

NCP Exam April 15 May 6 2023 AAP Exam October 2 19 2023 AAP Exam October 2 19 2023

Payment Industry News Announcing 2023 Federal Reserve Financial Services Fee Changes By Frbservices org In 2023 Federal Reserve Financial Services will remain focused on providing a safe efficient and faster payment system for you and your customers In support of this mission we have made strategic investments to modernize our infrastructure and continue to advance payment security and resiliency as well as our ability to deliver robust products and services We adjusted our operations support to ensure we continue to exceed your service expectations and to evolve with your business needs in the ever changing payments landscape ACH Network Prospers Through Economic Uncertainty By Nacha Between inflation market swings crypto issues and more the U S has weathered an uncertain economic situation in 2022 One bright spot the modern ACH Network which has continued growing despite some of the setbacks the economy has seen Look at the numbers Through the end of the third quarter 22 4 billion payments flowed through the ACH Network valued at 57 3 trillion Those are respective increases of 3 3 and 6 5 from the same time in 2021 FTC Proposes tokenization Agreement with Mastercard By American Bankers Association The Federal Trade Commission in late December announced a proposed agreement with Mastercard regarding tokenization security practices that merchants claimed violated the Durbin Amendment to the Dodd Frank Act During a tokenized transaction a unique cryptogram token is substituted for a customer s debit card account number during certain parts of the transaction Follow us PaymentsFirst Anytime Learning System offers unlimited webinars on various topics Read More Read More Read More

Risk Compliance News Joint Statement on Crypto Asset Risks to Banking Organizations By Federal Reserve FDIC The Board of Governors of the Federal Reserve System Federal Reserve the Federal Deposit Insurance Corporation FDIC and the Office of the Comptroller of the Currency OCC collectively the agencies are issuing the following statement on crypto asset1 risks to banking organizations The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto asset sector Truth in Lending Regulation Z Annual Threshold Adjustments By CFPB The Consumer Financial Protection Bureau Bureau is issuing this final rule amending the official interpretations for Regulation Z which implements the Truth in Lending Act TILA The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z this final rule revises dollar amounts for certain provisions implementing TILA and amendments to TILA Regulators Stablecoin Warnings Open Door for Digital Dollar Tokenized Deposits By PYMNTS Warnings on stablecoins from a trio of regulators may cause banks to seek digital alternatives instead And digital dollars aka CBDCs and tokenized deposits issued by traditional banks may be among those options The Federal Reserve the Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency released a joint statement on Tuesday Jan 3 that signaled that there would be a much tighter regulatory gaze on the cryptocurrency sphere Payment Publications Read More Read More Read More

INDUSTRY PARTNER NEWS UPDATE FRB announces the appointment of eight members including six new members to its IPAC The Federal Reserve Board on December 22 2022 announced the appointment of eight members including six new members to its Insurance Policy Advisory Committee or IPAC Federal Reserve Board adopts final rule that implements Adjustable Interest Rate LIBOR Act The Federal Reserve Board on Friday adopted a final rule that implements the Adjustable Interest Rate LIBOR Act by identifying benchmark rates based on SOFR Secured Overnight Financing Rate Federal Reserve Board issues technical updates to its policy governing the provision of intraday credit in accounts at Federal Reserve Banks that will replace LIBOR in certain The Federal Reserve Board on known as the London Interbank Wednesday issued technical updates to its policy governing the provision of intraday credit in accounts at the Federal Reserve Banks financial contracts after June 30 2023 The final rule is substantially similar to the proposal with certain clarifying changes made in response to comments LIBOR formerly Offered Rate was the dominant benchmark rate used in financial contracts for decades However it was fragile and subject to manipulation and U S dollar LIBOR panels will end after June 30 2023 READ MORE READ MORE READ MORE

INDUSTRY PARTNER NEWS UPDATE David Watson Named CEO of The Clearing House RTP Network Celebrates 5 Year Anniversary The RTP network the nation s newest real time payments system that is operated by The Clearing House TCH marked its five The Clearing House TCH today announced that President CEO Jim Aramanda will be retiring in early 2023 after 15 years leading the company Aramanda will be succeeded by David Watson who most recently served as Chief Product Officer of Swift year anniversary by increasing the availability of new functionality for financial institutions and their customers and highlighting the increasing activity on the network including higher volumes expanded technical BPI and TCH Support Global Blueprint for Digital Asset Oversight The Bank Policy Institute BPI and The Clearing House TCH commented access and more bank and today on two Financial Stability Board credit union participants FSB consultative reports outlining joining the network each approaches for the oversight and week regulation of digital assets and global stablecoin arrangements respectively READ MORE READ MORE READ MORE

Risk Compliance Services for 2023 2023 R C Services ACH Audit ACH Risk Assessment RDC Risk Assessment Audit of Internal Control Wire Transfer Risk Assessment and Audit of Internal Controls Third Party Sender Third Party Service Provider Audit Third Party Sender Third Party Service Provider Risk Assessment Third Party Sender ACH Audit Third Party Sender ACH Risk Assessment RTP Audit Service Regulation E Compliance Review RTP Risk Assessment Schedule your required annual audit and risk assessment now

2023 Education Tax Refund Exceptions Liabilities Payments Update Government Reclamations January 19 2023 January 25 2023 February 2 2023 P2P Disputes Q1 Power Hour BSA AML Virtual Session January 19 2023 January 19 2023 January 19 2023 FULL 2023 EDUCATION CALENDAR AAP APRP NCP Exam Prep Courses Available