Update on CRA Reporting Requirements
We have been receiving questions concerning the credit reporting requirements that require your compliance beginning 6/15/2016, explained in Furnisher Data Reporting and Process Requirement Changes To All Data Furnishers*, dated March 2016.
We are aware of the requirements, and we are analyzing them to determine what, if any, changes may we must make to CAMS-ii to accommodate those changes/requirements.
We will announce the changes on the CBS Message Center to keep you up-to-date.
[5/6/2016] Our initial analysis reveals that the CAMS-ii must include a separate Generation Code -- Jr., Sr., III, and so forth -- text box in the Personal Data Record to meet the Reporting of consumer personally identifiable information requirement cited in the Furnisher Data Reporting and Process Requirement Changes To All Data Furnishers*.
At this time, we anticipate no other changes/additions to CAMS-ii to meet the CRA Reporting Requirements.
We will add the Generation Code in an upcoming CAMS-ii release with sufficient lead time to meet the 9/15/17 mandate. The addition of this text box will be noted in the CAMS-ii Release Notice for the CAMS-ii release that contains this change.
*If you have not received this document, please consult the credit reporting agencies to which you report.
Update: Changing Loan Rates Tied to an Index
This is an update to the original posting from January 28, 2016.
Some credit unions may tie interest rates for certain loan account types to an index such as the Prime Rate or the Libor.
Click here to find the updated instructions for setting up the automated change for loans tied to an index in CAMS-ii for most situations.
Please contact you processor's Support Center with any questions concerning these instructions.