Reg Z Changes Deployed and Loan Re-Amortizations

IMPORTANT: Please read this entire posting. It consists of two parts: Reg Z Software Changes and Effective Date and Notifiyng CBS About Loan Re-Amortizations.

Reg Z Software Changes and Effective Date

Last night, August 26, 2009, CBS deployed the Reg Z Open-End Loan software changes to those credit unions that did not opt out of these program changes. These changes will take effect tonight, August 27, 2009 at the completion of the end-of-day batch processing.

For any questions concerning these changes, please consult the FAQs attached to the previous posting. Otherwise, please address all questions/comments concerning the Reg Z changes to the CBS Issue Tracking System.

Re-Amortizing Loans

Notify CBS immediately (via the Issue Tracking System with the word, Re-Amortize in the Summary section -- no calls or e-mails) if CAMS-ii is set up, or will be set up, to re-amortize any loan payments for your credit union for this month-end, August 2009.

With the changes for the Reg Z and the Credit Card Act, we want to ensure that everything is installed and set up correctly. If you do not re-amortize loans or do not plan to re-amortize loans for this month-end, August 2009, this does NOT apply to your credit union.

This request applies to your credit union if you have a date in the Payment Effective Date text box in the New Rate Settings section of the Account Type Code and Rate Maintenance Screen (Back Office > Standard > Parameters > Account Type/Rates Maint > Loans) for a particular loan account type. You must contact CBS via the Issue Tracking System by typing the word, Re-Amortize in the Summary section of the Issue. Please inculde the Account Type numbers in the Description section.

Thank you