CU*Answers Takes on Regulatory Changes
In anticipation of approaching regulatory changes, data processing company CU*Answers has launched a new software upgrade. The CUSO will expand its new CU*BASE core processing services to West Virginia-based WV United Federal Credit Union.
Linda Bodie, CEO of WV United, expressed the credit union's enthusiasm to team up with CU*Answers in the fourth quarter.
"We are beyond excited to join the CU*Answers team and implement their efficient software solutions," she said. "CU*BASE has everything we need... and it's all in one place. We are literally counting the days to conversion and can't wait to move to a system that will improve our member serviceability and staff productivity."
CU*Answers stated that its clients had seen changes in accordance with Regulations 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.