WASHINGTON (12/12/13)--Proposed changes to the Federal Reserve Board's Payment System Risk (PSR) Policy, and related changes to Regulation J, could impact credit union operations, payments processing, and account management with Fed Banks, and the Credit Union National Association is seeking credit union comments on these changes.
The PSR changes are intended to align current operations and processing times with the PSR posting rules, account for technology and processing changes, and strategically position the rules for faster clearing and settlement in the future, according to the Fed. Specifically, under the proposed PSR changes, the posting times for automated clearing house (ACH) debit and commercial check transactions would be earlier, CUNA noted in this week's Regulatory Advocacy Report.
The Fed proposal would also:
Credit unions can provide CUNA with comment until Jan. 13. The Fed will accept comments within 60 days from the date of publication in the Federal Register, which is expected shortly.
CUNA will review these proposals with its Payments Policy Subcommittee, CUNA Deputy General Counsel Mary Dunn said.
Other issues addressed in the Regulatory Advocacy Report include:
A resource chart with information on current CUNA comment calls is also provided in the Report.
For this week's Regulatory Advocacy Report, CUNA members can use the resource link.