CUSOs Reacts to Reg. E

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.

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