Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA Seeks Comment on Proposed Fed Payment System Changes
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.
RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
10 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
10 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
13 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
13 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
13 hours ago