CU*NorthWest credit union clients will now have native Opt-In/Opt-Out selection capabilities during the membership open workflow in addition to account maintenance options with full audit and tracking capabilities.  Credit unions have many options on how they wish to address the new regulation but initially all credit union systems will be configured to begin asking for member preference during account opening.  Credit unions can change these options at their discretion.

CU*NorthWest has been giving ongoing support to its credit unions regarding this regulation since it was announced and continues to update its clients through the cuasterisk.com network service of AuditLink Advisor (an online compliance website for credit unions).  In addition to ongoing regulatory commentary from AuditLink which also offers compliance services, CU*NorthWest has also offered Reg E. support through Xtend.  Xtend as a mutual member of cuasterisk.com offers a complete service to help credit unions execute on their strategy for managing Opt In relationships with their members.

“We are all in this together, and with our extended network of CUSO’s and credit unions, CU*NorthWest and cuasterisk.com are working everyday to help our credit unions not only comply but thrive in this ever changing regulatory world,” says Greg Smith, President / CEO of CU*NorthWest.

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According to CU*Answers, the new NSF/ANR dashboard is “an excellent and timely addition considering the current climate (with Reg. E and increased interest in the collection of this income).”  The CUSO continues to say that the dashboard gives CEOs a full picture of the NSF and Courtesy Pay income credit-union wide for an entire year, giving CEOs the ability to understand their big picture income and to identify members who are generating it in a whole new way.

Features of the new dashboard include:

• The ability to view full transaction counts by month, and then toggle to see income by month or channel
• Associated graphs then show the data according to counts or income (amount)
• Calculates ongoing averages throughout the year and highlights measured deviations for researching surges and drops in activity
• Gives quick access to the members affected by the fees by number of transactions and month to month identify members needing education
• Allows users to drill down for the members who are doing the most and being most affected by credit union policies and their usage

The NSF/ANR dashboard was first introduced during CEO Strategies Week in November, 2009, hosted in Grand Rapids, which was attended by 195 credit union professionals.  Candid discussion allowed CU*BASE users to analyze NSF/ANR facts, income effects, and impending regulatory changes, and also compare existing CU*BASE tools available to determine future needs.   The CUSO went on to state that the collaboration process for the creation of this dashboard is a perfect example of how credit unions benefit by partnering with a 100% credit union-owned CUSO for DP needs.

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