Dear Board of Directors and CEO:
This letter provides an important update on the progress of transitioning U.S. Central Bridge Federal Credit Union (U.S. Central Bridge) Automated Clearing House (ACH) Services to other ACH providers.1
The orderly wind-down of payment services is progressing well. All 18 corporate credit unions that utilize U.S. Central Bridge ACH services, along with The Members Group, have finalized transition plans. Several have already completed successful transitions to new ACH providers.
For those who are still in the transition process, below are answers to key questions from corporate credit union members:
How do I know if my corporate credit union is affected?
A list of the corporate credit unions using U.S. Central Bridge ACH services is enclosed.
When will all transitions be completed?
As the transition process has progressed more smoothly than originally anticipated, we expect all of U.S. 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.
When will my corporate credit union’s transition be completed?
Each affected corporate credit union’s transition plan differs based on its unique services and operations. Also, each corporate’s timeline is unique, as it is not possible for U.S. Central Bridge to transition all services to all credit unions at the same time.
What can I do to ensure a smooth transition?
Your corporate credit union will continue working with you throughout this process until all the corporate credit union transitions are complete. Your prompt response to any actions required of your credit union will aid in a continued smooth transition.
What’s the status of other services offered by U.S. Central Bridge?
All other correspondent services offered by U.S. Central Bridge have already been wound down. As such, NCUA will be able to close U.S. Central Bridge on or about October 31, 2012, resulting in lower resolution costs to all credit unions.
Will services to my credit union’s members be affected?
The wind-down of U.S. Central Bridge is one of the final stages of the corporate resolution process. As set forth at the beginning of this process, one of NCUA’s key goals remains minimizing disruption of services to credit unions and their members. We have achieved that goal to date. With all of us working together, we will continue to meet that goal going forward.
What if I have more questions?
If you have any questions specific to your corporate credit union’s transition plans, please contact your corporate credit union. All other questions may be directed to NCUA’s Office of Corporate Credit Unions at 703-518-6640 or firstname.lastname@example.org