ATTENTION STATEMENT PROCESSING CONTACT
Earlier this week, your statement vendor was notified of changes to the flat file for regular, credit card and mortgage statements to accommodate a longer last name on member statements. The notification also includes updated Statement Field Rules to suppress fee information from displaying on statements for closed-end loans. Regulation Z only requires fee information to be disclosed for open-end loans.
A sample of this notification was attached to an email that was sent to your credit union. The impact that these changes have on your credit union’s statements may vary, depending on how your statements are configured to generate in CU*BASE. More information will be coming along with the normal release communications.
Note: The timeline for flat file changes to mortgage statements differs because online and site-four credit unions will receive the 19.05 Release on May 5, while self-processing credit unions will receive the 19.05 Release May 20-21, which would be after mortgage statement processing occurs on May 17.