Legal Briefs March 10, 2011

Federal Reserve Board

The FRB released proposed rules that will amend Reg CC.  The proposed amendments are designed to encourage credit unions to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the “exceptions” hold periods on deposited funds.  It also provides for model forms for next-day availability, funds availability policies, and exception holds.  Comments are due by June 3, 2011.



National Credit Union Administration

The NCUA released Legal Opinion Letter 11-0221. The Opinion Letter is a response to questions regarding 11-FCU-02 (Duties of Federal Credit Union Boards of Directors)




The Electronic Payroll Coalition develops  “Core Principles for Payroll Cards” with Consumers Union and National Law Center.  The Core Principles represent organizational consensus with respect to recommendations for all those who are engaged in issuing, selecting, using, and regulating payroll cards.



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