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Agency to provide CU systems transition tracking in 2011
ALEXANDRIA, Va. (1/4/11)--Natural person credit unions that are temporarily receiving payment services from so-called “bridge” corporate credit unions will, beginning with the June 30, 2011 call report cycle, be able to track their payment system service transition via an online credit union profile, the National Credit Union Administration (NCUA) said in a recent release. The NCUA has also provided both guidance and a payment systems checklist to give credit unions the resources needed to successfully analyze payment system services and make prudent decisions regarding potential service provider changes. Corporate credit unions are often used to aid natural person credit unions in the operation of their clearing, settlement and payment systems, and can also offer other behind the scenes business assistance to credit unions. Credit unions that plan to transfer some of their existing services to another corporate credit union “must work diligently to ensure a safe and sound transition” and work to minimize disruption to any member payment services, the NCUA said. The agency will later this year hold a “Payment Systems Checklist” webcast and will also provide credit unions with under $50 million in assets with their own public forum during a series of workshops. The NCUA also encouraged credit unions to perform a due diligence review on their service providers and to fully understand each payment service provided by their corporate credit union to make informed decisions before any changes are made to those services. For the full NCUA release, use the resource link.
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