At the Finish Line: New Periodic Member Statements for Reg Z

We appreciate the great response that we have received for the change to the new Periodic Member Statements.

Today and tomorrow, November 29th and 30th, are the final days for configuring CAMS-ii for the new Periodic Member Statements for Reg Z to produce statements before the end-of-year statements at the end of December 2010.

When you complete the configuration, please remember to type the phrase, Statements setup completed on MM/DD/YYYY, in the Description section of the CAMS-ii Implementation of the Reg Z Statement Changes issue assigned to your credit union.

For questions concerning the configuration of CAMS-ii, please click here for Implementation Instructions.

Click here to view an annotated example of new Reg Z Periodic Member Statements.

Please submit any questions concerning this announcement to Description section of your credit union's original CAMS-ii Implementation of the Reg Z Statement Changes issue.

Thank you.

Updated Announcement: New Periodic Member Statements Introduction

CBS will contact small groups of credit unions, one-by-one, via e-mail and provide instructions for each credit union to configure CAMS-ii to implement the new Periodic Member Statements.

CBS assumes that you are knowledgeable of the requirements for loan fee disclosure, other fees/charges, interest, and so forth for the Periodic Member Statements as established by the changes to Regulation Z.

If you are not, CBS recommends that you contact the appropriate regulatory body. CBS has made the upgrades to CAMS-ii to facilitate the changes, but you are ultimately responsible for deciding which fees are disclosed on the statements and for the proper activation of the new periodic member statements.

Once notified, individual credit unions are responsible to make the changes by a specified "no-later-than" date. Please read the rest of this posting in its entirety.

How will this work?

1. Beginning October 18, 2010, and throughout the remainder of October and all of November CBS will notify individual credit unions via return receipt e-mail that there is a CBS Issue Tracking System issue assigned to them with periodic member statement configuration instructions and other material attached.
2. The issue will also contain a no-later-than completion date. You will be asked to enter the date you activated the new statements in the Description block of the issue. This is necessary to monitor the completion of the statement activation and to accomplish any necessary follow-up activities by CBS.
3. Following the configuration instructions, you are responsible to make the changes to the CAMS-ii to activate the new statements by the no-later-than completion date.
4. CBS Support will be available to help you with CAMS-ii configuration for the statements; however, CBS is not responsible for deciding which fees to disclose or for activating a credit union's member statements.
5. ALL CBS Support activities regarding the new periodic member statements will be accomplished via the CBS Issue Tracking System, so that the issue can be tracked, as this is a system-wide change.

Please address ANY questions concerning this announcement to the CBS Issue Tracking System.