FedComp Releases Latest System Update

FAIRFAX, VA – October 15, 2009 – FedComp deploys it’s 5^th update in 2009, this release included programming enhancements to meet importability of data to NCUA’s new Credit Union Online system with data exported from the FedComp system. 

FedComp maintains its commitment to credit unions, enabling them to meet changing regulatory compliance issues within a user friendly data processing system, as well as delivering client driven enhancements.  Past releases in 2009 addressed:

·         changes to handle International ACH Transactions (IAT) per the NACHA International Rule requirements. These changes have to do with being able to handle extra addendum records in the ACH file for these transactions, as well as including the appropriate addendum records in ACH Return files.

·         to assist with CARD Act compliance, the system includes options to print future payments on statements as defined by the credit union, this to comply with the 21 day rule of the CARD Act as well as options for late fee assessments. 

FedComp is celebrating its 25^th anniversary as a credit union data processing provider and continues to offer the FedComp system, designed for the small to mid-size in-house credit unions and the PLATINUM system for both in-house and hosted environment for larger credit unions.