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Technology May Be the Cure for MFOEL Migraines

Cloud-based computing and e-signatures are the aspirin to the multi-featured open ended lending headache credit unions have been suffering from since the NCUA first issued the rules back in 2009, said John Levy, executive vice president and co-founder for Integrated Media Management, a Linden, N.J.-based technology vendor.

By Heather Anderson | Updated on September 24, 2012

Cloud-based computing and e-signatures are the aspirin to the multi-featured open ended lending headache credit unions have been suffering from since the NCUA first issued the rules back in 2009, said John Levy, executive vice president and co-founder for Integrated Media Management, a Linden, N.J.-based technology vendor. 

According to a supervisory letter the NCUA released in July, credit unions can take a blended approach to multi-featured lending, retaining the open ended option of occasionally or routinely verifying a member’s credit standing still qualifies him or her for the current revolving credit limit. When a member requests a single-disbursement, non-replenishing closed-end sub-account, the credit union can pull fresh credit reports and confirm a members’ financial status, but must also provide the required disclosures. 

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