06/25/2012
Update on Transitioning U.S. Central Bridge Corporate Federal Credit Union Automated Clearing House (ACH) Services
NATIONAL CREDIT UNION ADMINISTRATION
1775 Duke
Street, Alexandria, VA 22314
| DATE: | June 2012 | LETTER No.: | 12-CU-06 |
| TO: | Federally Insured Credit Unions | ||
| SUBJ: | Update on Transitioning U.S. Central Bridge Corporate Federal Credit Union Automated Clearing House (ACH) Services | ||
| ENCL: | |||
Dear Board of Directors and CEO:
This letter provides an important update on the progress of transitioning U.S. Central Bridge Federal Credit Union (U.S. Central Bridge) Automated Clearing House (ACH) Services to other ACH providers.1
The orderly wind-down of payment
services is progressing well. All 18 corporate credit unions that
utilize U.S. Central Bridge ACH services, along with The Members Group,
have finalized transition plans. Several have already completed
successful transitions to new ACH providers.
For those who are still in the transition process, below are answers to key questions from corporate credit union members:
How do I know if my corporate credit union is affected?
A list of the corporate credit unions using U.S. Central Bridge ACH services is enclosed.
When will all transitions be completed?
As the transition process has
progressed more smoothly than originally anticipated, we expect all of
U.S. Central Bridge’s ACH services will be unwound and transitioned to
other providers by no later than September 30, 2012 – three months ahead
of our goal to have all services transitioned by December 31, 2012.
When will my corporate credit union’s transition be completed?
Each affected corporate credit
union’s transition plan differs based on its unique services and
operations. Also, each corporate’s timeline is unique, as it is not
possible for U.S. Central Bridge to transition all services to all
credit unions at the same time.
What can I do to ensure a smooth transition?
Your corporate credit union will
continue working with you throughout this process until all the
corporate credit union transitions are complete. Your prompt response
to any actions required of your credit union will aid in a continued
smooth transition.
What’s the status of other services offered by U.S. Central Bridge?
All other correspondent services
offered by U.S. Central Bridge have already been wound down. As such,
NCUA will be able to close U.S. Central Bridge on or about October 31,
2012, resulting in lower resolution costs to all credit unions.
Will services to my credit union’s members be affected?
The wind-down of U.S. Central
Bridge is one of the final stages of the corporate resolution process.
As set forth at the beginning of this process, one of NCUA’s key goals
remains minimizing disruption of services to credit unions and their
members. We have achieved that goal to date. With all of us working
together, we will continue to meet that goal going forward.
What if I have more questions?
If you have any questions specific
to your corporate credit union’s transition plans, please contact your
corporate credit union. All other questions may be directed to NCUA’s
Office of Corporate Credit Unions at 703-518-6640 or occumail@ncua.gov.
Sincerely,
/s/
Debbie Matz
Chairman
Chairman