CUNA Mutual Group Risk Alert: New Check Adjustment Process for RDC Indemnity Claims

A new check adjustment process for Regulation CC’s (Reg CC) remote deposit capture (RDC) indemnity will be effective at a later date once changes to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks) has been finalized. A credit union that accepts a paper check for deposit that is returned unpaid due to being previously deposited to another depositary institution via RDC can pursue an indemnity claim to recover the loss by using the new check adjustment process.

Read the full alert here.