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News Now

Washington
CUNA analyzes new Fed check processing changes
WASHINGTON (6/1/09)—An analysis of a final rule addressing restructuring of the Federal Reserve’s check processing operations in regions 4 and 9 is now available on the Credit Union National Association’s (CUNA) website. The CUNA analysis addresses the Fed’s recently issued final rule amending appendix A of Regulation CC to rework some of the Fed’s check processing operations. Appendix A of Regulation CC helps financial institutions divide local from non-local checks by providing a routing number guide. Under the Fed amendments, a check processing facility in Minneapolis, Minn., which is located within federal reserve region 9, will be closed, and all checks that were routed to that processing facility will now instead be routed to the Cleveland Reserve Bank, which is in fed region 4, effective July 25, 2009. This change is expected to shorten the permissible hold period of some checks from that region, and some credit unions may need to change their availability schedules and related disclosures. Credit unions may also need to notify their members of these changes. Use the resource link below for the full analysis.


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