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.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.