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.

IMPORTANT: IRS Tax Form Submissions to CBS

NOTE: These procedures are applicable for only those customers choosing to use the CBS
Service for IRS Electronic Filing.

Because your members may find errors in the IRS Forms they receive, please DO NOT NOTIFY CBS that your IRS Forms are ready for submission to the IRS UNTIL February 15, 2016, and no later than February 28th, 2016, and you have ensured that all your IRS Forms are correct.

Please consult the "CBS Service for IRS Electronic Filing Transmittal Sheet" that was posted here on October 30, 2015. 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… you should not perform these procedures any sooner than February 15th.

Please contact CBS Support with any questions concerning this posting.