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NCUA answers query on correspondent services to other CUs
ALEXANDRIA, Va. (1/31/11)--Federal credit unions that provide services such as share draft processing, check collection, automated clearinghouse (ACH) origination and receipt, and wire transfers to their members may also provide those services to other federal credit unions, National Credit Union Administration (NCUA) Associate General Counsel Hattie Ulan wrote in a legal opinion letter. Ulan was responding to a letter to the NCUA that asked if a given federal credit union could provide share draft processing, check collection, ACH origination and receipt, wire transfers, coin and currency, and lines of credit to other credit unions. Federal credit unions may offer lines of credit to other credit unions, according to the Federal Credit Union Act. They may also provide the additional aforementioned services to credit unions under their incidental powers authority, Ulan added. According to the letter, federal credit unions are also expressly authorized to extend lines of credit to other credit unions, subject to approval by the federal credit union’s board. For the full NCUA legal opinion, use the resource link.
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