The NCUA on Thursday conceded what many had suspected for some weeks; it does not have a buyer for failed corporate U.S. Central Bridge's payments operations (ACH, APEX, auto settlement),  and the upshot is that the regulator plans to implement a shutdown of those services.

Said NCUA in a statement, "NCUA has determined that the most effective course of action is to pursue an orderly wind-down of those services from U.S. Central Bridge."

Added NCUA Board Chairman Debbie Matz in the statement: "The proposals we received from other bidders did not meet NCUA's responsibility to minimize service disruptions and impose the lowest possible cost."

The regulator stressed: "Each corporate credit union, if it has not already done so, now needs to begin the process of transferring to a vendor that will replace U.S. Central Bridge's APEX system in order to continue uninterrupted payment services to member credit unions."

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Regulatory & Compliance