WASHINGTON (12/12/13)--Proposed changes to the Federal Reserve Board's Payment System Risk (PSR) Policy, and related changes to Regulation J, could impact credit union operations, payments processing, and account management with Fed Banks, and the Credit Union National Association is seeking credit union comments on these changes.
The PSR changes are intended to align current operations and processing times with the PSR posting rules, account for technology and processing changes, and strategically position the rules for faster clearing and settlement in the future, according to the Fed. Specifically, under the proposed PSR changes, the posting times for automated clearing house (ACH) debit and commercial check transactions would be earlier, CUNA noted in this week's Regulatory Advocacy Report.
The Fed proposal would also:
Move the posting of 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; and
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. Currently, the posting times do not begin crediting or debiting for checks deposited and presented until 11:00 a.m. (ET).
Credit unions can provide CUNA with comment until Jan. 13. The Fed will accept comments within 60 days from the date of publication in the Federal Register
, which is expected shortly.
CUNA will review these proposals with its Payments Policy Subcommittee, CUNA Deputy General Counsel Mary Dunn said.
Other issues addressed in the Regulatory Advocacy Report
Details from the Consumer Financial Protection Bureau's fall 2013 rulemaking agenda;
A preview of this week's National Credit Union Administration open board meeting;
A CFPB move to supervise certain nonbank student loan servicers; and
Highlights from the CFPB's annual ombudsman report.
A resource chart with information on current CUNA comment calls is also provided in the Report
For this week's Regulatory Advocacy Report
, CUNA members can use the resource link.