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Federal regulators may ease the way for fraudsters if they adjust the “hold” periods that credit unions and other financial institutions may place on checks, credit union trade groups have been warning.

The proposal from the Federal Reserve and the CFPB would shorten holds from five business days to four business days for nonproprietary ATM deposits.

The proposal would also decrease the reasonable additional extension hold from five to two business days, a move that “will likely increase check fraud risk and loss exposure to credit unions and other institutions,” Alexander Monterrubio, CUNA’s senior director of advocacy and counsel, said in a letter to the agencies.

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David Baumann


Credit Union Times

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