The National Automated Clearing House Association has named Janet Boyst of Wachovia Bank chairwoman of its recently streamlined board of directors.
Ms. Boyst, a 23-year veteran of Wachovia, is senior vice president of commercial services. She has been on Nacha's board since 1994, on its executive committee since 1995, and a vice chairwoman since 1998.
She has recently been involved in a reorganization of Nacha's board aimed at opening the group to more interested parties and speeding decision-making. Nacha, the 26-year-old rulemaking group for the nation's automated clearing houses, approved the reorganization June 19.
"We received requests from other financial institutions to become members, and with the way Nacha had been structured at the time, it was not an easy thing to do," Ms. Boyst said. "Community banks and credit union representatives wanted to play a bigger role in the ACH network approval of operating rules."
The restructuring trimmed the electronic payments association's 38-member board to 19, with 10 seats reserved for regional payment associations. Previously all 24 clearing houses in the nation had a seat.
Banks also will be permitted fewer board seats - five instead of nine - but can become direct members of Nacha, a distinction that gives them the vote on operating rules. The remaining four seats are to go to Nacha councils such as its electronic check and electronic benefits transfer councils.
Harold Piotrowski, manager of banking center services at Charter One Bank and Nacha's chairman from 1997 to 1999, said the reorganization would attract more diverse talent.
"The new structure positions Nacha to gather strength from multiple channels," he said.
