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CUs student loans serve four of Top 10 MBA schools

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WASHINGTON (2/1/10)--Four of the top 10 global business schools, as ranked by The Financial Times, offer custom graduate private student loan programs from credit unions participating in Credit Union Student Choice. The schools include the University of Pennsylvania--Wharton, Harvard Business School, Stanford University Graduate School of Business, and the Massachusetts Institute of Technology Sloan School of Management. Credit Union Student Choice is a credit union service organization that partners with credit unions to offer student loan programs. In addition to the four schools ranked in the top 10, credit union loan programs are being offered at Emory University’s Goizueta School of Business and the University of Virginia’s Darden School of Business. All of the programs launched in 2009 and will be offered in 2010. Credit unions offering programs include:
* Digital FCU, Marlborough, Mass.; * Harvard University Employees CU, Cambridge, Mass.; * Star One CU, Sunnyvale, Calif.; * MIT FCU, Cambridge, Mass.; * Emory Alliance CU, Decatur, Ga; and * University of Virginia Community CU, Charlottesville, Va.
Credit Union Student Choice has expanded to serve nearly 100 credit unions nationwide with undergraduate private student lending services and graduate programs.

CUNA Mutual to host Reg Z seminars in March

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MADISON, Wis. (2/1/10)--CUNA Mutual Group is hosting two national seminars to help credit unions meet the deadline for Regulation Z and continue to offer multi-featured open-end lending. The seminars are March 15 in Orlando, Fla., and March 19 in Las Vegas. The seminars will provide information regarding the changes, specific tasks associated with achieving compliance and peer-to-peer interactions. Credit unions use multi-featured open-end lending is used by credit unions to establish long-term borrowing relationships with their members. The affirmation of this “sign once, borrow for life” process ensures credit unions’ ability to provide lending convenience to their members, said CUNA Mutual. The Federal Reserve Board published new rules in January 2009, regarding non-home secured open-end lending. The rules will require many credit unions offering multi-featured open-end lending plans to change how they manage their plans. The new rules take effect July 1. Credit unions can register for either seminar through CUNA Mutual’s website.

Equifax offers ability to pay tools for Reg Z

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ATLANTA (2/1/10)--Equifax Inc. announced it is offering a suite of “ability-to-pay” assessment tools to help credit card issuers comply with amendments to Regulation Z from the Credit Card Accountability, Responsibility and Disclosures Act, which go into effect Feb. 22. The Federal Reserve Board released its rules for compliance on Jan. 12. Equifax’s ability-to-pay solutions include verified and modeled personal and household income and wealth information, which was built using actual wealth and income data provided through Equifax’s IXI and TALX businesses. Equifax’s data sets can be distributed real-time online or batch-delivered offline to help issuers assess a consumer’s ability to pay. The assessments occur at multiple touch points throughout the customer life cycle, including: batch and instant prescreen, invitation to apply, new account underwriting and line management review. The Equifax solution suite includes:
* Actual, employer-provided income and Internal Revenue Service-provided 4506-T tax filings which are Fair Credit Reporting Act (FCRA) and Regulation Z compliant; and * Income estimation models that are empirically derived and statistically sound, FCRA compliant, and consistent with the new Regulation Z guidelines.
The Equifax ability-to-pay suite also features a view of a consumer’s assets and obligations and turnkey solutions to provide the debt-to-income and debt-to-assets ratios, and the residual income measures outlined by the new regulations.