GRAND RAPIDS, MI (June 13, 2013) In October 2012 when the NCUA announced the loan delinquency reporting change from months to days, CU*Answers, the 100% credit union-owned cooperative CUSO, started planning and preparing for the necessary updates to our software tool CU*BASE®. Implemented with the April 2013 software release, our system now calculates the actual number of days delinquent and reports the loans in the appropriate 30-59 days, 60-179 days, 180-364 days, or >=360 days categories.
In addition to the loan delinquency reporting change for the June Call Report, CU*Answers is also prepared for these NCUA updates:
- Account Codes are added for reporting delinquency and charge offs for new and used vehicle loans.
- Account codes are added for unfunded commitments, credit impaired loans and investments.
CU*Answers has a dedicated resource on staff who monitors the NCUA changes, updates the software, procedures and documentation accordingly. Jim Vilker, Manager of the Audit Link Department states “Since the CU*BASE software tool was introduced four years ago, we have consistently made Call Report changes in a timely manner and met NCUA deadlines”.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $12.6 billion in credit union assets. For more information, visit www.cuanswers.com.