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
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.
Other Resources

RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
15 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
15 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
16 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
17 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
17 hours ago