Important: Tax Year 2017 Instructions for Submitting IRS Forms Using the CBS Service for IRS Electronic Filing
NOTE: These procedures are applicable for only those credit unions choosing to use the CBS
Service for IRS Electronic Filing.
CBS DOES NOT PRINT IRS tax forms.
Because your members may find errors in the IRS Forms that they receive from you, please DO NOT NOTIFY CBS that your IRS Forms are ready for submission to the IRS UNTIL February 15, 2018, and no later than February 28th, 2018, and you have ensured that all your IRS Forms are correct.
Click here for information on the IRS Tax Forms that was posted here on November 9, 2017. On page 5 of the document, it states the following concerning exporting IRS Forms for CBS to upload to the IRS.
Do not perform these tax data exporting procedures until:
- The CAMS-ii year-end batch processing has been completed.
- Any/all applicable IRS tax data proof listing reports have been reviewed for accuracy.
- Any/all applicable maintenance to the members IRS tax data has been completed.
- Any/all IRS tax forms have been processed (i.e. printed and/or sent electronically)
delivered to the members, and any necessary corrected tax forms have been processed. - February 15th or after… Do not export your IRS files any sooner than February 15th.
Please contact CBS Support with any questions concerning this posting.
HMDA, ULI, and LEI Information
This is the follow-up information on HMDA reporting that was promised in the Important: HMDA ULI and CAMS-ii posting on December 21, 2017. Recommend that you review that CBS Message Center posting for questions on ULIs and LEIs.
On January 2, 2018, your CAMS-ii server will be updated to include programming for the HMDA (Home Mortgage Disclosure Act) to support new reporting requirements for HMDA regarding LEIs (Legal Entity Identifiers) and ULIs (Universal Loan Identifiers).
This programming requires that you have your credit union's LEI (Legal Entity Identifier) available.
- Go to Back Office > Standard > Parameters > CAMS-ii System Properties.
- In the CAMS-ii Properties navigation screen, scroll to the HMDA category, hmda_lei Property Name.
- In the Property Description/Value text box for the hmda_lei property type your credit union's LEI.
- In the CAMS-ii System Properties navigation screen, click Accept.
Once the LEI is configured in the CAMS-ii System Properties, the system creates the ULI. You do not have to change the LEI again unless your CU's LEI changes.
The Loan Application has an HMDA section for you to complete. The information in the HDMA section is your responsibility to complete.The ULI appears once you have completed the HMDA section and clicked Accept.
The HMDA table in the CAMS-ii Data Miner contains the HMDA elements which you can use to create queries and reports.