Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FCUs may offer locked box accounting says NCUA
ALEXANDRIA, Va.(9/8/08)—A federal credit union may provide “locked box” accounting to services to its members under the National Credit Union Administration’s incidental powers rules, according to a recent legal opinion from the agency. The agency was responding to an inquiry from Bethex FCU. The Bronx, N.Y. –credit union said it was planning to collect monthly rental payments on behalf of a housing cooperative and apply those payments to the cooperative’s accounts. Also under the Bethex proposal, the credit union would pay, from the cooperative’s accounts, certain monthly bills and reconcile the account ledger to the monthly statements. “NCUA defines operational programs as programs that an FCU establishes to deliver products and services to members that enhance member service and promote safe and sound operation. 12 C.F.R. §721.3(j),” wrote NCUA Associate General Counsel Sheila Albin in an Aug. 11 letter recently posted to the agency’s website. “These programs include pre-authorized member transactions and loan collection services…Accordingly, the services you have in mind on behalf of your member are permissible,” the letter concluded.
Other Resources

RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
9 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
10 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
12 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
14 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
14 hours ago