GRAND RAPIDS, Mich. (6/17/13)--CU*Base, the data processing system from credit union service organization CU*Answers, has updated its software's capacity so it now calculates the number of days a loan is delinquent and reports the loans in the appropriate 30-59 days, 60-179 days, 180-364 days, and 360 days-or-more categories. Those categories are compliant with the National Credit Union Administration loan delinquency reporting change from month to days effective this month.
"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," said Jim Vilker, CU*Answers Audit Link Department manager.
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 also announced its plans to invigorate programs specifically designed for the credit union's management staff. Management Dashboard Tools on CU*BASE include a new series of dashboard reports which credit union management teams will be able to use for forecasting and data analytics.
Some of the new dashboard tools that CU*Answers will be adding include the electronic-funds-transfer portfolio dashboard, loan-risk score analysis and credit-report data-mining dashboard.