We publish this quarterly newsletter to keep you up-to-date on compliance changes that may affect your programming or lending systems. It also includes information on future Calc Engine releases. Reviewing this newsletter will help you continue to provide reliable service to your credit union customers.
Watch for your quarterly e-mail announcing that a new edition of E-Exchange has been published on our website. Be sure to refer your colleagues to articles that may be of interest to them.
Current Issue - Summer 2021
What’s New at CUNA Mutual Group
The Credit Union Trends Report and Economic Report provide a review and analysis of recent credit union financial performance and operational results in the context of recent economic activity. Learn more.
Register Now for Discovery2021
Registration is open for CUNA Mutual Group’s 12th virtual Discovery conference being held on August 12, 9:00 AM – 4:00 PM CT. Inspired by the display of courage, compassion, and unwavering support over the past year from credit unions and communities across the nation, we are looking toward a brighter future for all. Part of that future is our annual Discovery conference where we connect with thousands of our industry colleagues and share experiences.
Discovery2021 will deliver engaging sessions and panels, valuable downloadable content, and the opportunity to interact with attendees and speakers throughout the day. Everything credit unions need to help boost their strategic planning! CUNA Mutual Group encourages our technology partners to participate in this event, as without them, we wouldn’t be able to serve credit unions across the country. We hope as our trusted partners, you will attend Discovery2021 for a no-cost, virtual day of enlightening presentations and insightful conversations. Learn more about Discovery2021.
Lending Data Files Enable CUs to Deliver Enhanced Member Service
More credit unions are sending lending data to CUNA Mutual Group. Why? To deliver new member services and optimize existing product offerings. With one periodic data feed, many credit unions are taking advantage of one or more of the following services:
- Payment Protection Claims Automation. Members of participating credit unions can submit and manage their credit insurance and debt protection claims online directly with CUNA Mutual Group. In addition to providing faster and more convenient claims service to members, credit unions are relieved of administrative work.
- Payment Protection Member Participation Tracking. Credit unions track member enrollment of products by region, branch, and loan officer. CUNA Mutual Group provides credit unions with customized tracking reports to manage their member enrollments.
- Mechanical Repair Coverage Marketing. Understanding members’ vehicle ownership enables member offers to be delivered when members are most interested.
As a core data processing system provider, here’s how you can help: Write a standard data extract program that enables your credit unions to easily deliver periodic batch file feeds to CUNA Mutual Group.
To request file layout and learn more about this opportunity, please contact Joe Schubert. We appreciate your continued partnership in better serving our credit union customers. Thank you to all the system providers that have already written this program or have plans to do so in the near future.
Compliance Solution for Mobile Online Account Opening
Compliance Systems, a technology division of CUNA Mutual Group, is proud to offer a compliance solution for online account opening designed to support a best-in-class mobile experience for credit union members while optimizing credit union operations. Learn more about Simplicity Mobile.
Foreign Transactions: Consumer Credit Card, Application, Electronic Funds Transfer, and Business Credit Card Documents
LOANLINER® is in the process of updating our Consumer Credit Card, Consumer Application, Electronic Funds Transfer, and Business Credit Card documents with text/language changes to comply with recent rule changes and litigation surrounding Foreign Transactions. In addition to these mandatory changes, we have made other compliance changes and enhancements to help support our credit unions. You may have already started to receive these updated documents, and we will continue to update documents over the next couple of months.
The LOANLINER documents that are being updated are as follows:
- Consumer Credit Card Agreement
- Application and Solicitation Disclosure
- Consumer Application
- EFT (Electronic Funds Transfer)
- Deposit Booklets containing EFT (Electronic Funds Transfer)
- Business Credit Card Agreement
- Business Credit Card Addendum
The documents above are specific to each credit union; therefore, there is no one-fits-all solution. This is a mandatory update and we are requesting that these documents be implemented as soon as possible upon receipt. Orders will specify which items will be replaced. Additionally, LOANLINER has made an update to the document numbers for our Consumer Applications. The following Application document numbers will be retired:
- AXX00 Application
- AXX02 Consumer Application
- AXX53 Express Application
In some instances, we will not require credit unions to update their Consumer Application immediately. However, over time, all credit unions will move to the new Consumer Applications. Moving forward, Consumer Applications will be replaced by documents that are specific to each credit union (no longer one-fits-all). The RDM file included for each Application will provide details regarding any field additions. The new Consumer Applications will be similar to our existing AXX00 Application and will have file names similar to 123456789-APP30-C-1-xxxx. The new Consumer Application numbers, along with document descriptions, are listed below:
- APP40 Application
- APP41 Credit Card Application
- APP42 Application
- APP30 Application
- APP31 Credit Card Application
- APP32 Application
If you have any questions about these changes, please contact Julie Roper at 800.356.2644, Ext. 665.3459.