{"id":325,"date":"2009-07-28T22:52:12","date_gmt":"2009-07-29T03:52:12","guid":{"rendered":"http:\/\/www.camsbycbs.com\/wordpress\/?p=325"},"modified":"2009-09-15T09:09:30","modified_gmt":"2009-09-15T14:09:30","slug":"credit-card-act-and-the-path-to-regulation-z-compliance","status":"publish","type":"post","link":"http:\/\/www.camsbycbs.com\/wordpress\/?p=325","title":{"rendered":"Credit Card Act and The Path to Regulation Z Compliance"},"content":{"rendered":"

CBS assumes that each customer has received and read the various articles from CUNA Mutual Group regarding the \u00e2\u20ac\u0153Viable Alternatives\u00e2\u20ac\u009d to the August 20, 2009 requirements. Click Here<\/a> to read the article, \u00e2\u20ac\u0153The Path to Regulation Z Compliance.\u00e2\u20ac\u009d<\/p>\n

Each of the viable alternatives requires a monthly member statement for all open-end loans. Meanwhile, CBS has already begun the necessary programming to the CAMS-ii member statement programs. These changes, which will be deployed by the August 31, 2009 period-end, will include a next payment due date on the members\u00e2\u20ac\u2122 statements.<\/p>\n

Note:<\/strong> The aforementioned programming changes apply only to the CAMS-ii member statement programs. CBS will not make any changes to the old-style CAMS member statement programs. If your credit union has not converted to the CAMS-ii member statements, you must contact CBS <\/em>(via support@camsbycbs.com) immediately.<\/em><\/p>\n

Additionally, full compliance with Alternative 1 will require your credit union to analyze the loans with a payment frequency less than monthly and analyze the loans with a monthly due date inside twenty-one days. For credit unions that have loans with a payment frequency less than monthly, remember that CAMS-ii has a \u00e2\u20ac\u0153payroll hold\u00e2\u20ac\u009d capability that helps ensure that funds are frozen and released when the loan payment becomes due. <\/p>\n

Based upon the analytical findings and needs of the credit unions, CBS may develop some conversion programs to assist with the loan frequencies and due dates. The full scope of this development cannot be determined at this time as each credit union may have different requirements.<\/p>\n

After CBS\u00e2\u20ac\u2122 discussions with CUNA Mutual Group, Alternative 2 appears to be more complex, time consuming, and potentially more expensive for the credit union. Also, CAMS-ii currently does not support creating\/sending statements more frequently than once a month and on a period-ending date other than a calendar month-end. CBS believes that Alternative 2 is the least desirable of the options.<\/p>\n

To help alleviate\/reduce the additional cost of monthly statements, this may be an ideal time to encourage members who use Internet Branching to sign up for electronic document delivery. Also, remember that the CAMS-ii system has an electronic document delivery solution (e-Delivery) for those members who use the Internet but are not registered for Internet Branching.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBS assumes that each customer has received and read the various articles from CUNA Mutual Group regarding the \u00e2\u20ac\u0153Viable Alternatives\u00e2\u20ac\u009d to the August 20, 2009 requirements. Click Here to read the article, \u00e2\u20ac\u0153The Path to Regulation Z Compliance.\u00e2\u20ac\u009d Each of the viable alternatives requires a monthly member statement for all open-end loans. Meanwhile, CBS has […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[],"_links":{"self":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/325"}],"collection":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=325"}],"version-history":[{"count":8,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/325\/revisions"}],"predecessor-version":[{"id":456,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/325\/revisions\/456"}],"wp:attachment":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=325"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}