Nonlocal Checks and the Dodo Bird?; Newsletters; Help Us Help You

Yesterday, the Fed announced plans to have one check processing center for paper checks, and one for electronic.  Cleveland gets the paper.  Atlanta gets the juice.  They plan to accomplish this by the end of 2009.  Read all about it here.

Details are scarce, but this might signal the approach of major changes.  If there's only one paper check processing center, that might mark the end of the local/nonlocal check distinction.  If that is the case, there may be some momentum to amend Regulation CC.

File this under "things that make you go hmmmm."  Stay tuned.

If you want some background reading, here's a GAO report that details the decline of paper checks.

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Speaking of newsletters, the November 2008 NAFCU Regulatory Compliance Newsletter is available for members.  Sign in here.  The November BSA Blast is available here for NAFCU members as well.  If you are not receiving email notifications when these become available and would like one, please email us at [email protected] with your name, credit union and title.

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If you are calling or emailing NAFCU for compliance assistance, the following information should help you to help us to help you better. 

• There are not that many of us here.  If you get our voicemail, it likely means that we're on the phone with another member or we're away from our desk.  Please leave a message.  Also, give us your name, credit union, phone number and extension.  And at a minimum, tell us what your question will be about.  Better yet, tell us what your problem is.  That way, we can do some research before we call you back.
• Probably the best way to contact us is via email at [email protected].  These emails go to a group mailbox that ALL of us can access.  That way, if one of us is out at training, on vacation or sick, your issue will not sit dormant, waiting for our return.

We're here to help.  Please don't read any of the above to indicate otherwise.  Rather, if you keep those bulleted items in mind, we should be able to respond faster...and better.

Have a great weekend, everyone! (Except you Hawkeye fans.)