Advice on Staying Compliant with new Mobile Deposit Rules

New Federal Reserve Board rules that took effect July 1 now have many credit unions scrutinizing what’s written on the back of checks they deposit, and credit unions that aren’t doing so could face more indemnity claims, according to one compliance expert.

The new rules are part of the Federal Reserve Board’s Regulation CC, which governs things such as check collection and funds availability, and they reflect the country’s growing digitization of check collection processes.

Posted in NWCUA in the News.