Credit Unions Want Change to Check Rules

July 3, 2013
The Hill 
consumer financial protection bureau news

The National Association of Federal Credit Unions sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray asking for extra time to hold checks before making the money available to consumers. By making money available three days after checks are deposited, rather than the current two days, the group says credit unions will have sufficient time to determine whether accounts have insufficient funds or checks are counterfeit. The group also wants to hold cashier's checks and money orders to determine whether they are fraudulent, rather than make the funds available on the next day. The CFPB is working with the Federal Reserve to issue final, amended rules on check deposits and collection in August.
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