All of our documents are compatible with the nation’s leading data processors, loan operating systems or third-party processors. Our forms will follow your credit union wherever you go allowing a seamless transition to a new data processor or LOS system. Your forms are only one piece of the puzzle, so have peace of mind about switching systems should the need arise.
REGULATION CC – FUNDS AVAILABILITY
Regulation CC went into effect July 1, 2020.
Specifically, the current $200 that must be made available when placing a case-by-case delay will increase to $225; the “large deposit” exception reason will increase from $5,000 to $5,525, among others.
What Do You Need to Do?
A change in terms notice to holders of consumer accounts no later than 30 days after the effective date.
REGULATION D – TRANSFER LIMITATIONS
On April 24, 2020, the Federal Reserve Board announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit” definition.
Do we have to eliminate the six-per-month limit?
No. It states financial institutions may suspend enforcement of the six-per-month transfer limit, but the The Fed does not require financial institutions to do so.