{"id":406,"date":"2009-09-01T10:47:35","date_gmt":"2009-09-01T15:47:35","guid":{"rendered":"http:\/\/www.camsbycbs.com\/wordpress\/?p=406"},"modified":"2009-09-15T09:07:59","modified_gmt":"2009-09-15T14:07:59","slug":"the-credit-card-act-reg-z-the-aftermath","status":"publish","type":"post","link":"http:\/\/www.camsbycbs.com\/wordpress\/?p=406","title":{"rendered":"The Credit Card Act &#038; Reg Z: The Aftermath"},"content":{"rendered":"<p><em>The initial results are in!<\/em>  For the majority of our credit unions with open-end loans, the loans are appearing on the monthly member statements as anticipated; however, we have uncovered two situations that could have prevented some open-end loans from appearing on the monthly statements.<\/p>\n<p><strong>Situation One:<\/strong> A statement parameter that controls whether all of a member's accounts appear on a monthly statement if any one account is flagged for monthly was not set correctly. Credit unions without share drafts may not have had this set to include all of the accounts. If this parameter was not set to include all accounts, then the open-end loans were not flagged to receive a monthly statement. <\/p>\n<p>Please review your Control-Master parameters (Back Office > Standard > Parameters > Control-Master) option, <strong>All Member Accounts On Monthly Statements<\/strong>. If it is not selected, then Situation One applies to your credit union. <\/p>\n<p><strong>IMPORTANT:<\/strong> Situation One <em>does not<\/em> require any further action on your part. CBS is working on an update to handle this configuration starting with the September month-end.<\/p>\n<p><strong>Situation Two:<\/strong> Some credit unions use open-end disclosures, but code the loans as closed-end on the CAMS-ii system. If the loans were coded as closed-end, then CAMS-ii did not set them to monthly and create the adjusted Reg Z monthly payment amount or due date with the Reg Z update from last week. <\/p>\n<p>If Situation Two applies your credit union, please submit an issue via the CBS Issue Tracking System (e-mails or telephone calls are not accepted) with the phrase, <em>Open-end coded as Closed-end<\/em>, in the Issue Summary. CBS personnel will help you analyze the situation and guide you in the solution.<\/p>\n<p>Thank you<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The initial results are in! For the majority of our credit unions with open-end loans, the loans are appearing on the monthly member statements as anticipated; however, we have uncovered two situations that could have prevented some open-end loans from appearing on the monthly statements. Situation One: A statement parameter that controls whether all of [&hellip;]<\/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\/406"}],"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=406"}],"version-history":[{"count":7,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":453,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/406\/revisions\/453"}],"wp:attachment":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}