If your credit union decides to implement RDC, basic essentials are:
Hardware: Members must have either mobile applications or scanners that will allow for RDC; most manufactured after 1992 are compatible.
Software: Credit unions can opt for either a vendor-developed image capture application or create one in-house or through partnership with vendor resources. The key requirements for RDC software, notes the white paper, are processing integration, channel harmonization, image correction, and usage reports.
Education: Credit unions that implement RDC must educate members on how to use it and avoid common mistakes in check placement and entry. Downloadable user documents and system prompts can help with this effort.
Fraud reduction: A good vendor-based solution should be able to detect and eliminate duplicate/multiple images of the same check. Often this is due to a simple mistake by the end-user as opposed to a criminal’s bilking the system through duplicate presentment. But fraud and risk management controls are critical to any RDC initiative, notes the white paper.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.