NCUA Clears Image ProcessingDeal

October 28, 2004, 1:00 a.m. EDT 1 Min Read

ALEXANDRIA, Va. - (10/28/04) -- NCUA said Wednesday a federal creditunion can use its status as a federally insured depository toobtain a routing and transfer number from the Federal Reserve foruse by an affiliated CUSO providing item processing for othercredit unions. In a new legal opinion issued to US FCU, part ownerof Minnesota Item Processing Corp., NCUA said the credit union mayserve as a conduit to the Fed's routing and transfer system for theCUSO, as long as the CUSO is a member of the credit union. NCUAalso cleared the way for the CUSO to provide collection, ordeposit, item processing services. The CUSO is owned by 20 areacredit unions and provides item and image processing for 100Minnesota credit unions.

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