Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FCUs may offer locked box accounting says NCUA
ALEXANDRIA, Va.(9/8/08)—A federal credit union may provide “locked box” accounting to services to its members under the National Credit Union Administration’s incidental powers rules, according to a recent legal opinion from the agency. The agency was responding to an inquiry from Bethex FCU. The Bronx, N.Y. –credit union said it was planning to collect monthly rental payments on behalf of a housing cooperative and apply those payments to the cooperative’s accounts. Also under the Bethex proposal, the credit union would pay, from the cooperative’s accounts, certain monthly bills and reconcile the account ledger to the monthly statements. “NCUA defines operational programs as programs that an FCU establishes to deliver products and services to members that enhance member service and promote safe and sound operation. 12 C.F.R. §721.3(j),” wrote NCUA Associate General Counsel Sheila Albin in an Aug. 11 letter recently posted to the agency’s website. “These programs include pre-authorized member transactions and loan collection services…Accordingly, the services you have in mind on behalf of your member are permissible,” the letter concluded.
Other Resources

RSS print
News Now LiveWire
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
11 minutes ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
44 minutes ago
See @CUNA's @SchenkMike on TheStreet discussing a new surge consumer confidence http://t.co/SqjarTBLCQ
1 hours ago
.@CFPB pushes back cmmt deadline on proposal to allow consumer narratives in complaints database--now 9/22, was 8/22. http://t.co/mHLlRVjEij
1 hours ago
@FHFA will hold 8/14 outreach in Atlanta for homeowners who still could benefit from the HARP refinance program. More in #NewsNow Thurs.
1 hours ago