TOOLS OF THE TRADE

Cavion Unveils New Compliance Service
Cavion Plus, Mounds View, Minn., has introduced a new product designed to help credit union Web and Internet banking sites meet regulatory requirements.

Cavion Plus has joined forces with RSM McGladrey, Bloomington, Minn., to offer credit unions the Website and Internet Banking Compliance Assessment Service. According to John Zasada, RSM McGladrey’s national director of credit union compliance, many credit unions may not be aware that their Web sites and Internet-based products and services aren’t complying with consumer protection regulations.

“It’s essential that a credit union’s Web site comply with consumer protection regulations,” Zasada says. “For many credit unions, the challenge isn’t only meeting the compliance requirements, but also finding the resources to detect and accurately identify whether these requirements are being met.”

The Cavion Plus/RSM McGladrey Website and Internet Banking Compliance Assessment provides an assessment of policies, disclosures, advertisements, and other notices appearing on the credit union’s site. The scope of the assessment includes items and pages the credit union features on its Web site and/or Internet banking site.

According to Cavion Plus Product Manager Sara Erdman, the compliance assessment helps credit unions minimize the risk of lawsuits, costly noncompliance penalties, and fair lending complaints. Erdman also emphasized the assessment provides credit unions with needed compliance resources.

“Even if a credit union has an internal compliance officer, that individual may not have the time to monitor the Web site in addition to other duties,” Erdman says. “Internet banking often is an overlooked source of compliance attention. Credit unions also should realize that any changes to their Web sites or products and services offered through the Internet need to be in compliance.”

This requires continuing review, she says. “Through Cavion Plus’ relationship with RSM McGladrey, credit unions can now rely on the combined strengths of two trusted sources to provide guidance and help them navigate the ever-changing rules and regulations surrounding Web site and Internet banking compliance.”

Erdman says the new compliance service is available to all credit unions, including Cavion Plus’ nearly 1,000 current Web site and Internet banking customers.

For information, contact Sara Erdman at 888-534-5313, ext. 7349, or at serdman@cavionplus.com, or visit cavionplus.com.

Services Give Cardholders Added Convenience
PSCU Financial Services, St. Petersburg, Fla., recently launched EasyToCUInfoLinkPlusTM, a program that offers cardholders the ability to securely perform a wide variety of services online, such as activating credit cards and paying credit card bills.

Cardholders benefit from the added convenience of self-service, while credit unions save money by reducing calls to contact centers. InfoLinkPlus’ enhanced services include: paying credit card bills, receiving credit limit increases and ordering statements for the previous 12 months, activating cards, requesting a personal identification number mailer, ordering replacement cards, updating account information, initiating inquiries about payments or transactions, and providing instructions for reporting a lost or stolen credit card.

“In addition to offering the convenience and low cost of Web-based activities, InfoLinkPlus incorporates the logo, color scheme, and button styles of each credit union’s Web site,” notes David Serlo, president of PSCU Financial Services. “Therefore, we’re creating a Web service that delivers desired features and simultaneously reinforces the relationship between the credit union and its cardholder.”

InfoLinkPlus is available in either dual or single sign on configurations. Single sign on permits the cardholder to be transferred to the InfoLinkPlus Web site automatically. It eliminates the need for a cardholder to provide a separate user identification and password. The entire transaction is fully protected by 128-bit secured socket layer encryption. In addition, these Web-based services are designed to provide the same high level of security as contact center calls.

For information and product demonstrations, visit www.pscufs.com.