In the middle of January the third interpretation of the Credit CARD Act came through as a revision of the proposed Regulation Z change. This has challenged the Grand Rapids-based CUSO CU*Answers, to analyze and interpret a 1,155 page document, and translate it into meaningful software specifications, while providing solid recommendations for credit unions to use in loan configurations.
CU*Answers has encouraged clients utilizing CU*BASE Online Credit Cards to:
- Review the changes and recommendations the CUSO published on January 29th in a special announcement.
- Review the recorded one hour web conference from February 5th that can be downloaded from the Audit Link Advisor site.
- Access the Audit Link Advisor site, which allows credit unions to share strategies, concerns, and policies with others in the network.
The CUSO has also completed the following changes for February statements:
- New late payment warning with late fees
- All three minimum payment warnings
- Consumer counseling number
- Coordinated with Sage, CoWWW, and eDOC Innovations for graphical presentation
Additional explanation of changes completed and those that are pending can be read on the 9th Edition of the Audit Link Advisor, found here: http://advisor.cuanswers.com/.