CU*Answers Anticipates Reg. E, Launches Upgrade
Approaching regulations changes have prompted the launch of the new CU*BASE data processing software upgrade at CU*Answers.
The CUSO will expand its new core processing services to its West Virginia-based WV United Federal Credit Union. CU*Answers stated that its clients had seen changes in accordance with Reg Z and E well before the deadline.
The upgrade includes opt-in/opt-out online banking services that allow credit union members to select their status for options such as overdraft protection. The new CU*BASE system will also enable the status selection of a new fee analysis feature. Clients may use a new report query option to determine potential impact on fee income from Reg E.
In addition, credit union clients will have access to member status listings and are encouraged to inform members of the benefits of opting in.