WASHINGTON (12/30/13)--Credit unions can now comment on how the Federal Reserve's proposed changes to its Payment System Risk Policy, and related changes to Regulation J, could impact their business practices in a new Credit Union National Association regulatory call to action.
The proposed Fed changes would move the posting of automated clearinghouse (ACH) debits processed by the Fed banks' FedACH service overnight to 8:30 a.m. (ET) from 11 a.m. (ET) to align with the posting of ACH credits. The proposal would also move the posting time for receiving most commercial check credits for deposits and debits for presentments to 8:30 a.m. (ET) and establish two other posting times of 1 p.m. (ET) and 5:30 p.m. (ET), and make other related changes.
CUNA is seeking details on how these proposed changes would impact credit union operations, payments processing and account management with the Fed banks.
CUNA will accept comment until Jan. 13. To comment, use the resource link.