What is CRIS?
The Court Registry Investment System (CRIS) is an interest-bearing cash management tool administered by the Administrative Office of the U.S. Courts that provides Clerks with an easy, efficient and safe way to comply with federal requirements concerning the handling of Court Registry Funds.
What are the CRIS objectives?
CRIS has four objectives (listed in order of priority):
- Safety of Principal - The overriding objective of registry cash management is to provide for the maximum protection of principal.
- Sufficient Liquidity - Adequate funds must be available to comply with all court ordered disbursements without endangering principal by surrendering securities before maturity.
- Reduced Administrative Costs - In CRIS, the registry funds are pooled to purchase Treasury securities. The pooling allows the CRIS Fund Manager to make significantly fewer, but larger transactions than would otherwise be possible. This keeps transaction costs to a minimum.
- Market Rate Earnings - The total pool of registry funds earns market rates of return. Registry funds in CRIS are invested in short-term Treasury securities, thus eliminating any need for collateral.
How does CRIS operate?
The CRIS registry funds are pooled and used to purchase U.S. Treasury securities. These securities are held to maturity, and the portfolio is structured so that sufficient securities mature each week to pay out funds for all registry cases settled during the week. Funds are invested in Government Account Series (GAS) securities under the Bureau of Public Debt's Federal Investment Program.
How is money deposited with the Court?
Money sent to the Court for deposit into the Court's Registry Fund requires a court order. Pursuant to Local Rule 67.1, if parties want funds on deposit with the Court to be placed in some form of interest-bearing instrument, CRIS is the only allowable investment mechanism.
CM/ECF filers should use the Motion for Interpleader Deposit event code if the deposit relates to an interpleader action pursuant to 28 U.S.C. § 1335. In all other instances, the Motion to Deposit Funds event should be used to docket the motion.
How does money get transferred to CRIS?
The Court order must direct the transfer of the funds deposited into the Court's Registry Fund to the Court Registry Investment System (CRIS) administered by the Administrative Office of the United States Courts. The party making the deposit or transferring funds to the Court's registry shall provide the order permitting the deposit or transfer on the Clerk of Court, the Chief Deputy Clerk or Finance Manager. Money is deposited into CRIS once weekly on Wednesdays.
How do I get monies deposited with the Court released?
A court order is required to disburse funds. If the disbursement includes interest earned while on deposit, IRS Form W-9 is required for each payee. Money is withdrawn from CRIS once weekly on Wednesdays. After the Court receives confirmation, a payment document is processed and a check disbursed, normally within one week.