This new condition is specifically for finance users. You can now run a search to find those whose recurring giving has failed in the past x number of days. This gives you an opportunity to contact the donor and get the problem resolved.
We recommend you run this weekly, looking back 7 days. If you go back much further, the donor may have already made arrangements to correct the problem.
We have more details about how this works in our help article about Recent Has Failed Recurring Giving.