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
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
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago