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
NCUA answers query on correspondent services to other CUs
ALEXANDRIA, Va. (1/31/11)--Federal credit unions that provide services such as share draft processing, check collection, automated clearinghouse (ACH) origination and receipt, and wire transfers to their members may also provide those services to other federal credit unions, National Credit Union Administration (NCUA) Associate General Counsel Hattie Ulan wrote in a legal opinion letter. Ulan was responding to a letter to the NCUA that asked if a given federal credit union could provide share draft processing, check collection, ACH origination and receipt, wire transfers, coin and currency, and lines of credit to other credit unions. Federal credit unions may offer lines of credit to other credit unions, according to the Federal Credit Union Act. They may also provide the additional aforementioned services to credit unions under their incidental powers authority, Ulan added. According to the letter, federal credit unions are also expressly authorized to extend lines of credit to other credit unions, subject to approval by the federal credit union’s board. For the full NCUA legal opinion, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Better economic & #CU conditions,leading to higher rates in '15,'16, will boost CU earnings, asset quality,capital http://t.co/rmJvi3MIpQ
12 hours ago
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
16 hours ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
17 hours ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
17 hours ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
17 hours ago