SAN FRANCISCO (8/23/12)--DocuSign, an electronic signature provider, and CUNA Mutual Group, a provider of insurance and financial services to credit unions, have partnered to offer credit unions electronic signature solutions to speed the lending process and provide options in the wake of recent regulations on multi-featured open-end lending (MFOEL).
DocuSign's partnership with CUNA Mutual Group will help credit unions:
- Earn interest faster--Credit unions get loan documents completed faster to earn interest sooner;
- Eliminate "Not In Good Order"-- Guided, error-proof signing means complete documents every time;
- Meet compliance requirements--Credit unions control the signing process to ensure all data remain secure and every transaction includes a complete audit trail; and
- Serve members--Members can open accounts and apply for loans in minutes anywhere, anytime, on any device without a trip to the credit union.
The agreement between CUNA Mutual and DocuSign comes shortly after the National Credit Union Administration (NCUA) issued its guidance letters on multi-featured open-end lending (MFOEL) and multi-featured lending. The NCUA clarified that open-end and closed-end lending are two distinct regimens and each require their own application, timing requirements and disclosures for the member-borrower.
DocuSign said it is positioned to help credit unions ensure compliance for both types of lending while maintaining the same type of member convenience associated with an MFOEL program.
DocuSign and CUNA Mutual Group will host educational webinars designed to offer credit unions insights, best practices and practical methods to comply with the new NCUA regulations.