X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va.-In order to stem the spread of contaminates left behind on money from Hurricanes Katrina and Rita, the Federal Reserve has instituted a replacement policy. NCUA issued Letter to Credit Unions 05-CU-14 alerting credit unions in the impacted areas to deposit their contaminated currency with the Fed to avoid potential health issues associated with handling the contaminated funds. Financial institutions should contact their servicing Fed office for delivery of special shipping bags, free of charge, and obtain additional deposit instructions. The Fed is defining contaminated money as “a note damaged by or exposed to a contaminant to the extent that it cannot be processed under normal operating procedures or may pose a health or safety risk.” Questions should be directed to the appropriate NCUA regional office or state regulator.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.