Fed Releases Final Rules For Check 21

Credit Union Journal, The, August, 2004 by Lisa Freeman, Associate Editor

Credit unions can move forward with their Check 21 compliance plans with confidence now that the Federal Reserve has issued its final rule and language regarding the Check Processing for the 21st Century Act."The final rule is substantially similar to the proposed regulation," noted Michelle Profit, assistant general counsel for CUNA. "What this means for credit unions is that they how have kind of an ad nauseum description of how expedited recrediting is going to be handled, and they can literally copy the Fed's language and use it to educate their employees and members and know that they are in compliance."

A key change in the disclosure rules is that credit unions will not be required to do blanket disclosures to all their members-but that also means that a single...

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