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NCUA Letter to Credit Union on Transition of ACH Services

The National Credit Union Administration (NCUA) issued a letter to credit unions to provide an update on the transition of US Central Bridge Corporate’s ACH services.  All other correspondent services offered by US Central Bridge have already been wound down, according to the letter.  The letter further states that NCUA will be able to close US Central Bridge at the end of October of this year, “resulting in lower resolution costs to all credit union.”

The letter includes several answers to questions raised by members of corporates, including which corporates are affected by the transition.  Attached to the letter is a list of corporates using US Central Bridge’s ACH services that are transitioning—or have already completed successful transitions—to other ACH service providers.  These corporates are:

• Alloya Corporate FCU
• Catalyst Corporate FCU
• Central Corporate CU
• Corporate America CU
• Corporate One Federal CU
• First Carolina Corporate CU
• First Corporate CU
• Kansas Corporate CU
• Kentucky Corporate FCU • Louisiana Corporate CU
• Missouri Corporate CU
• Southeast Corporate FCU
• SunCorp FCU
• Treasure State Corporate CU (merged into Kansas Corporate CU)
• TriCorp FCU
• Volunteer Corporate CU
• Western Bridge Corporate FCU

In addition, the letter answers the question of when all transitions will be completed.  “As the transition process has progressed more smoothly than originally anticipated, CUNA expects all of US Central Bridge’s ACH services will be unwound and transitioned to other providers by no later than September 30, 2012—three months ahead of our goal to have all services transitioned by December 31, 2012.”

 

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