By Lisa Hochgraf
My eyes were attracted to a recent article from BAI in part because it's written by compliance expert Carl Pry, who has written many good articles for us in the past, and also because it highlights a fast-approaching Dodd-Frank-related deposit availability change that needs to be implemented by front-line staff on July 21. July 21!? That's almost next week.
Anyway, here's the link to the article. It details the new "$200 rule" that doubles the amount of the Reg CC provision requiring $100 of a day’s deposits be available by the next business day, unless a proper exception hold is taken.
In researching this a tiny bit more (there will be volumes of rules as Dodd-Frank implementation unfolds), I found this cleanly formatted six-page "summary" of the provisions that apply to credit unions, from the Pennsylvania Credit Union Association. Thought you might want that link, too.
My hat's off to all you compliance folks. Thanks for all you do.
Lisa Hochgraf is a CUES editor.
Read Credit Union Management's monthly online-only "On Compliance" column.
And read the articles by Carl Pry that I mention in the post.
