On February 27, 2010 the Federal Reserve Banks will transfer all check-processing operations to the Federal Reserve Bank of Cleveland. As a result of this, there will only be a single check-processing region for purposes of Regulation CC and there will no longer be any checks that are non-local.

What does that mean for credit unions? Effective February 27, the extended hold for non-local checks will be eliminated as there will only be one federal reserve check-processing center which means no more non-local checks. Regulation CC requires that credit unions notify members within 30 days after implementing a change that improves the availability of funds. While credit unions that currently provide members with same day or next day access to deposited funds should not be affected by the February 27 change to Regulation CC check hold requirements, they should still be sure to assess the final rule's impact on the credit union's funds availability policies, disclosures, and schedules.

Join us for this audio conference and learn when deposited funds from checks must be made available for withdrawal, how and when the required notice of change must be provided to your members, how exception holds are affected, and the importance of reviewing your disclosures and funds availability policies to reflect these changes.

After a thorough discussion of these February 27 changes, we'll take a good look at the other important requirements of Regulation CC.

Through this audio conference, you will:

• Learn about the elimination of non-local checks and non-local check holds
• Identify the required notice to members regarding this change
• Learn how to review and revise funds availability policies and account disclosures
• Explore how to adjust exception holds and notices
• Receive sample language for notices, disclosures, and exception holds
• Review Regulation CC requirements

CUNA archived events enable staff to pick up new skills and keep up with daily responsibilities. Hearing the archived audio conference will enable you to hear a presentation, questions of the instructor, and refer to handouts. You need only a computer with an Internet connection and speakers. The archived event is made available within 48 hours of the live event. Please note: The same username and password you use to register will be used to access your archived event.

This audio was offered live on
February 18, 2010

Access this archived audio

Are you are a teller and accept member checks for deposit, a branch manager needing to train your member center staff on the new Regulation CC check hold requirements, compliance staff responsible to monitoring your credit union's policies or staff involved in the check processing procedures at your credit union? If your answer is yes to any of these questions, this audio conference will provide you the information you need to meet the new requirements that go into affect on February 27, 2010.

Affiliation with CUNA/League is required for attendance.

Andrea Stritzke, CUCE

As vice president of PolicyWorks, Andrea is responsible for the delivery of PolicyWorks' regulatory services and new product development while also working with individual credit unions to provide them with training and counsel on certain regulatory matters.

Josh Helgesen

Joshua currently serves as legal counsel at Veridian Credit Union, in Waterloo Iowa, with a primary focus on consumer collection issues and regulatory compliance. Upon graduation from law school, Joshua served as a compliance analyst for PolicyWorks, in Des Moines, Iowa.

The last day for cancellations was February 10, 2010. Substitutions are accepted anytime prior to the start of the program at no additional cost. Simply fax event and contact information, listing the new participant and who they will be replacing. Cancellation fees do not apply for free or complimentary programs.