Tuesday, July 12, 2011

Compliance Updates

Important Regulation Change: Regulation CC
Changes to Funds Availability PolicyEffective July 21, 2011, a provision amending the Expedited Funds Availability Act (Reg CC) will change the next day funds availability amount from $100 to $200. Thismeans that starting on July 21st, when a hold that extends beyond the next business day is placed on a check, the first $200 of the deposit will be available on the first business day after the day of the deposit.

Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts
All funds in a "non-interest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules. The term "non-interest-bearing transaction account" includes a traditional share draft (or demand deposit account) on which the insured Credit Union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, Money Market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.

If you have any questions about the regulation notices, please call 517.787.2060.

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