In the wake of recent turmoil surrounding the Credit CARD Act of 2009, clients of the data processor CU*Answers are reminded of the benefits reaped by taking advantage of the CUSOs online credit card solution.
As the “21 Day Notification” rule comes down the pipeline, CU*Answers has been providing top-notch assistance to its credit union clients in preparing for compliance. The CUSO has provided a central online resource, posting communications, web conference information, policy updates, and frequently asked questions relating to the Credit CARD Act. According to the CUSO, acting quickly and proving the ability to roll with the punches in an increasing regulatory environment was important.
The CUSO says they are currently providing online credit card servicing solution to 53 of its credit union clients via partnerships with FIS and PEMCO. In addition to large cost savings resulting from combining credit card statements with share and loan statements and greatly reducing postage, credit unions can also provide skip-a-pay programs and 2,996 promotional buckets to ensure they are prepared to handle the needs of all their members.