Reg CC Update: Check Processing Consolidation & What It Means for Your Credit Union
ARCHIVE OPTION AVAILABLE
Can't attend at this time? Click here for the archived version.
February 18, 2010
1:00–2:00 p.m. Central Time
(2:00–3:00 p.m. EST, 12:00–1:00 p.m. MST, 11:00 a.m. – 12:00 p.m. PST — Confirm the relative time in your area by visiting www.time.gov)
Tuition: $89 for the live audio conference (includes live and 6 months access to the archive)
Call-in Procedure
On February 27, 2010 the Federal Reserve Banks will transfer all check-processing operations to the Federal Reserve Bank of Cleveland. As a result of this, there will only be a single check-processing region for purposes of Regulation CC and there will no longer be any checks that are non-local.
What does that mean for credit unions? Effective February 27, the extended hold for non-local checks will be eliminated as there will only be one federal reserve check-processing center which means no more non-local checks. Regulation CC requires that credit unions notify members within 30 days after implementing a change that improves the availability of funds. While credit unions that currently provide members with same day or next day access to deposited funds should not be affected by the February 27 change to Regulation CC check hold requirements, they should still be sure to assess the final rule's impact on the credit union's funds availability policies, disclosures, and schedules.
Join us for this audio conference and learn when deposited funds from checks must be made available for withdrawal, how and when the required notice of change must be provided to your members, how exception holds are affected, and the importance of reviewing your disclosures and funds availability policies to reflect these changes.
After a thorough discussion of these February 27 changes, we'll take a good look at the other important requirements of Regulation CC.
Through this audio conference, you will:
- Learn about the elimination of non-local checks and non-local check holds
- Identify the required notice to members regarding this change
- Learn how to review and revise funds availability policies and account disclosures
- Explore how to adjust exception holds and notices
- Receive sample language for notices, disclosures, and exception holds
- Review Regulation CC requirements
Who should attend
Are you are a teller and accept member checks for deposit, a branch manager needing to train your member center staff on the new Regulation CC check hold requirements, compliance staff responsible to monitoring your credit union's policies or staff involved in the check processing procedures at your credit union? If your answer is yes to any of these questions, this audio conference will provide you the information you need to meet the new requirements that go into affect on February 27, 2010.
Is a recording available for purchase?
Yes, you can share the information with other staff by ordering a recording of the audio conference (even if you couldn't attend the live call). Archives will be available within 24 hours of the live audio. Click here to register for the archived version.
INSTRUCTORS
Josh Helgesen
As compliance analyst for PolicyWorks, Josh monitors regulatory issues of concern to credit unions, fields questions on regulatory information, and assists credit unions in developing and implementing regulatory policies. Josh's previous experience prior to joining PolicyWorks includes working in the Consumer Protection Division of the Iowa Attorney General's office.
Andrea Stritzke, CUCE
Andrea is regulatory counsel for PolicyWorks, an affiliate of the Iowa Credit Union League. She monitors credit unions' regulatory issues, fields compliance questions, and presents educational sessions. Andrea has earned CUNA's Credit Union Compliance Expert (CUCE) designation and the BSA Compliance Specialist Certification. Prior to joining PolicyWorks, Andrea worked as a judicial clerk for the Iowa Court of Appeals.
Affiliation with CUNA/League is required for attendance.
How many people from my credit union can call in?
Each registration provides call access for one phone line or person. While the audio conference can be listened to by several people at once (in a conference room, for example), the registered individual is the only person who will receive transcript credit for attending.
CANCELLATIONS
Cancellation and refund requests must be in writing (or faxed to 608-231-4327) and are subject to a $30 service charge for the audio conference if cancelled seven days prior. No refunds will be granted if your cancellation is received seven days or less before the audio begins. Substitutions are accepted anytime before the audio conference starts.
|
