WASHINGTON — The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Dolly to close at their discretion.

In issuing the proclamation, Jennifer Kelly, Senior Deputy Comptroller for Mid-Size/Community Bank Supervision, said she expects that only those bank offices directly affected by the hurricane will close.  Those offices should make every effort to reopen as quickly as possible to address the banking needs of their customers, she added.

SOURCE CONTACTS: Office of the Comptroller of the Currency; Related Link:

Proclamation (http://www.occ.gov/ftp/release/2008-86a.pdf) 

U.S Treasury Recognizes 12 Financial Institutions as Go Direct® “Champions"

The U.S. Department of the Treasury announced that 12 financial institutions have taken the top spots in a national competition to enroll Social Security check recipients in direct deposit as part of its national Go Direct campaign. The winners were recognized at a Treasury ceremony in Washington, D.C.

The Go Direct campaign has hit a key milestone – two million enrollments in direct deposit – representing $178 million in savings to taxpayers over the next 10 years. 

The complete text of the U.S. Treasury press release and a list of the Go Direct Champions can be found here: http://www.godirect.org/media/index.cfm

Industry Action to Address Demand Draft Fraud 

As reported in the Direct Member conference call reviewing significant issues and outcomes from the NACHA Board meeting of March 2008, law enforcement and consumer protection agencies report that certain fraudulent origination activity is migrating to demand drafts (remotely created checks) as more aggressive risk management and anti-fraud programs are implemented on the electronic payment networks. Because of the technological and organizational limitations of the check clearing system, the industry lacks the ability to adequately track the magnitude and investigate the sources of unauthorized demand drafts. 

Regulation CC provides for a warranty by a financial institution that transfers or presents a remotely created check that the item is authorized. Because the Federal R ...

NACHA ANNOUNCES RECIPIENTS OF DISTINGUISHED SERVICE AWARDS

HERNDON, Va., May 19, 2008—NACHA—The Electronic Payments Association announced the 2008
recipients of its Distinguished Service Awards. The recipients, who will receive their awards at the
PAYMENTS 2008 chairperson’s leadership reception at NACHA’s annual conference, include:

• Gerald F. Milano, former senior vice president of The Clearing House, serving as business
manager for SVPCO—Check Services for outstanding leadership and commitment to the
payments industry

• Samuel D. Smith, senior vice president, retired, Federal Reserve Bank of Cleveland for
outstanding leadership and commitment to the payments industry

• Craig T. Vaream, managing director of ACH and global check deposits product executive for

SYNOVUS FINANCIAL CORPORATION RECEIVES NACHA’S 2008 GEORGE MITCHELL PAYMENTS SYSTEMS EXCELLENCE AWARD

LAS VEGAS—May 20, 2008—NACHA—The Electronic Payments Association announced today
that Synovus Financial Corporation has been awarded its 2008 George Mitchell Payments
Systems Excellence Award. Garry Hedges, director of planning and payments strategy, will
accept the award on behalf of Synovus Financial Corporation at NACHA's PAYMENTS 2008
conference in Las Vegas.

Synovus, operating 37 separate banks across the Southeast, is a leading technology innovator in
check imaging, mobile payments and alternative payments.

"Synovus is an organization that has turned the challenge of a decentralized structure into a
successful business model and used technology as their core ten ...

FIRST DATA’S TELECHECK AWARDED NACHA’S

2008 KEVIN O’BRIEN ACH QUALITY AWARD

LAS VEGAS, May 20, 2008—NACHA—The Electronic Payments Association awarded its 2008
Kevin O’Brien ACH Quality Award to TeleCheck Services, Inc., a First Data company, for its
leadership and contributions to advancing the highest standards of efficiency and ACH Network
quality. Mark Wallin, general manager of TeleCheck and First Data’s ACH services will accept the
award today at NACHA's PAYMENTS 2008 conference in Las Vegas.

“TeleCheck has been a positive participant and active contributor to the advancement of the
electronic payments industry, the ACH Network and NACHA for years,” said Elliott C. McEntee,
chief executive officer of NACHA—The Electronic Payments Association. “TeleCheck consist ...

PETER YEATRAKAS RECEIVES NACHA’S LIFETIME ACHIEVEMENT AWARD

Former President and CEO of WesPay Honored for 34 Years of Industry Service

LAS VEGAS— May 20, 2008—NACHA—The Electronic Payments Association has announced that
Peter Yeatrakas, president emeritus (retiring June 2008), Western Payments Alliance (WesPay), will
receive its Payments Systems Lifetime Achievement Award at PAYMENTS 2008. Yeatrakas is being
recognized for his long career in and contributions to the ACH Network and electronic payments system.

“Pete Yeatrakas is a visionary who has left his mark on the nation’s payments systems,” said Elliott C.
McEntee, chief executive officer of NACHA—The Electronic Payments Association. “Pete has been a true
industry leader, instrumental in developing some of the key i ...

Bank of America, Wells Fargo Form Payment Processing Joint Venture
May 15, 2008 12:00 PM ET
PR Newswire

Combines Volume, Technology to Increase Speed and Investment in Innovation

SAN FRANCISCO and CHARLOTTE, N.C., May 15 /PRNewswire-FirstCall/ -- Wells Fargo & Company WFC and Bank of America BAC today announced the formation of a joint venture to operate a single, combined automated clearinghouse (ACH) platform for both companies and their clients. The new entity, called Pariter Solutions LLC, will be the country's largest processor of ACH payments. Financial terms were not disclosed.

Through joint venture, the two companies will combine their strengths in advanced processing technology and high payment volumes to create a single, more efficient plat ...

JANET ESTEP NAMED AS NACHA’S NEXT CEO

Formal Introduction to Membership and Industry at PAYMENTS 2008

HERNDON, Va., May 13, 2008 – The NACHA Board of Directors has selected Janet O. Estep, most
recently an executive vice president with U.S. Bank, to succeed Elliott McEntee, who will retire as
president and chief executive officer at the end of 2008. During the transition period, Ms. Estep will
serve as president and chief operating officer and Mr. McEntee will continue as chief executive officer.

“The Board selected Jan because she has the right experience, insight, and drive to ensure the
continued safety, innovation, and growth of the ACH Network,” said Steve Ellis, executive vice
president, Wells Fargo and NACHA Board chairperson. “She has an outstanding track r ...

The Federal government will soon begin to disburse economic stimulus payments, many of which will be made by Direct Deposit. NACHA has discussed operational aspects of these Direct Deposits with the U.S. Department of the Treasury and its Financial Management Service (FMS).

In addition to information already being issued, NACHA sought additional information from FMS on three points:

How will the payments be identified?

The payments will appear identical as normal tax refunds made by Direct Deposit, and the bulk of the stimulus payments will have settlement dates of Fridays May 2, May 9, and May 16, 2008. Many, but not all, of the stimulus payments will be in round dollar amounts.

How will individuals be notified?

The IRS has already mailed notifications to individuals about the payme ...