Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Compliance How long is too long for holidays
WASHINGTON (12/15/08)—Around the winter holidays each year, one of the most frequently asked questions of the Credit Union National Association’s compliance folks: Is there any federal regulation limiting the number of consecutive days a federal credit union can remain closed? There is no federal law or regulation that limits a federal credit union’s closing, but some states may limit state-chartered institutions from closing for more than three consecutive days. CUNA advises state-chartereds to check with their league’s compliance staff regarding state statutes that could affect their hours of operation. As for federal credit unions, CUNA says even they have several things to keep in mind if planning a longer than usual holiday closing. When closed for a national holiday, the entire credit union staff can be off. However, when closed on a day that isn’t a national holiday, the following must be considered:
* At least some employees in back office departments should be working to clear checks before the midnight deadline, deal with wire transfers, release funds availability holds on deposits and perform other required functions; and * Credit unions should stay open for business long enough to provide sufficient service to members, and to remain competitive with other financial institutions in the same area.
For this and other great compliance advice from CUNA, use the resource link below to visit the December CUNA Compliance Challenge.


RSS





print
News Now LiveWire
.@nytimes reports Sen. Harry Reid, Senate Democratic leader since 2005, will not seek re-election next year,
2 minutes ago
Cornerstone CU Union Foundation says it's prepared to assist #CUs & their employees affected by severe storms in Arkansas and Oklahoma.
10 hours ago
In 2014,use of remote deposit capture experienced 13% increase to 51%. But checking a balance continued to B the most common mobile activity
10 hours ago
'Fixing Your Finances' part of @PCUA's #iBelong campaign http://t.co/7j6HO1njog @fox43 @Bellco_CU @Members1stFCU
13 hours ago
Home prices outpacing income growth in 3/4 of U.S. markets @RealtyTrac http://t.co/BQR1w4k822
16 hours ago