ALEXANDRIA, Va. — The NCUA chartered 1st Bergen Federal Credit Union, which will be open for anyone of who lives, works or worships in Bergen County, N.J.The new credit union, which is scheduled to open in March, is being organized by Bergen County Community Action Partnership Inc. in Hackensack, the county seat. Bergen County is in the northern part of the state.Initially the credit union plans to offer regular shares, holiday and vacation club accounts, share certificates, personal loans and new and used automobile loans. It will also provide check cashing services, money orders, traveler's checks and cashier's checks. By 2012, the credit union plans to offer ATM services, debit and credit cards, wire transfers and small business loans."This new federally chartered credit union is a very positive step by consumers in Bergen County to enhance their choices in financial services. As a product of an impressive array of community groups, the credit union will provide a cooperative alternative to low and moderate income members. NCUA is pleased to grant this charter and encourage this and other similar efforts across the nation aimed at improving access to affordable financial services," NCUA Chairman Michael E. Fryzel said in a statement.

New Guidance on Remote Deposit Capture

WASHINGTON — Credit unions should see remote deposit capture services as a new delivery system and thus be extraordinarily careful when assessing the legal, compliance, reputation and operational risks.That's the advice of the NCUA in a memo to credit union board members sent earlier this month.These systems allow financial institutions to receive digital information from deposit documents captured at remote locations."Comprehensive contracts and customer agreements should identify clearly the roles, responsibilities and liabilities of all parties in the RDC process to minimize exposure to legal and compliance risks," according to the NCUA document.The agency also suggests that, when available, insurance coverage should be considered as a risk transfer mechanism.To see the full document go to: www.ncua.gov/news/express/xfiles/09-CU-01_Enclosure.pdf.