KBID 1416 Date Created: 11/5/2004 Date Modified: 6/2/2006
Here are some ideas of ways you can use existing CU*BASE tools to fulfill your credit union’s responsibility to comply with this requirement:
Option 1: Add verbiage to your delinquency notice event(s).
Option 2: Send a notice to all home banking members via a Home Banking comment.
Option 3: Create a Misc. Member Account Form to be printed on demand and mailed to the member after a new membership is opened, or when creating a new loan account.
IMPORTANT: Since this notice cannot be included with the initial Truth in Lending disclosures, remember to set this aside to be mailed at a later date.
Option 4: Add the information to the e-statement notification email (remember this email should be updated every month and is a great way to communicate with your members!).
Option 5: If you wish to purchase the new LOANLINER FACT Act Notice from CUNA, CU*Answers can add this form to your credit union's custom loan form list. CU*Answers has already done the necessary programming to allow CUs to generate this form in CU*BASE effective on December 1, 2005. All you need to do is contact CUNA to purchase the form. Ask them to notify us, and once we receive confirmation of payment from CUNA we can then activate the form for you to print the same as your other custom loan forms.