cuasterisk.com In anticipation of the new Reg. E revision affecting credit unions’ ANR programs, CU*Answers and sister CUSO Xtend have advised their CU clients ‘not to panic’.
The Grand Rapids-based CUSOs have provided the following support:
- According to CU*Answers and Xtend, they are crafting a solution that leverages collective CUSO resources. It is their intent to begin the execution phase in April/May, well in advance of the August 15th ATM/Debit card “shut off” date. This should also limit the risk of having members Opt Out between now and then by pulling the trigger on a program too early. An April Web Conference will be held to discuss these in more detail.
- CU*BASE specification work is already in process (1 byte field to distinguish between one-time and recurring debit transactions based on new ISO field delivered by switches; Opt In identifier with time stamp and EmpID/channel; event creation for notice generation; possible integration with online banking; etc.). These will likely be phased in throughout the next several CU*BASE releases – updates will be delivered via The Kitchen on the CU*Answers website.
- Xtend intends to deliver an effective Opt In support solution at an affordable price point, and also enlisting partners like CU*Answer on the tool side and Sage on the mailing execution side.
For more information on how CU*Answers and Xtend are responding to regulatory/consumer pressure related to Courtesy Pay and NSF processes, access the CU*Answers website.
About the Partner
CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit cuanswers.com.
Xtend
About Xtend (www.xtendcu.com): Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more costeffectively. Their strategic offerings include bookkeeping services, inbound and outbound member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring, and insurance services. Xtend provides services for over 100 credit unions representing more than 1.2M members and $8B in assets. The CUSO is currently owned by 56 credit union partners.
