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News Now

Washington
CUNA analyzes Fed check-processing consolidation
WASHINGTON (1/11/10)--The Credit Union National Association (CUNA) has analyzed the Federal Reserve’s consolidation of its check processing operations in a Jan. 6 Final Rule Analysis. The Federal Reserve Board late last year approved amendments to Appendix A of Regulation CC regarding check processing operations, and under those amendments, the Federal Reserve Bank of Atlanta on Feb. 27 will transfer its check-processing operation to the Federal Reserve Bank of Cleveland. The Fed has been restructuring its check processing operations for the past several years, transferring operations from Reserve Banks in the various regions across the country to the Cleveland Reserve Bank, and this latest change will create a single check-processing region for Regulation CC. All checks will be considered local once this change is made. However, credit unions that are located in Alaska and Hawaii will be granted an extended hold period of one day for checks drawn on or payable at out-of-state financial institutions under the amended rule. CUNA has contacted the Fed regarding the consolidation of check-processing operations, and has suggested that the Fed take further action to address Regulation CC “to clarify several issues of concern.” For the full final rule analysis, use the resource link.


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