In an ever-changing regulatory environment, it is imperative to have a business partner with the expertise to help you understand how regulations, including the recent amendments to Reg E, affect your overdraft services and maintain a compliant program.
When you choose JMFA, you get the experience you need to offer an overdraft program that is compliant with all state and federal regulations, plus it provides value to your account holders, and helps improve your performance in these challenging times.
Fed Proposes Clarifications on Overdraft Rules
On Friday, February 19, the Federal Reserve Board proposed clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services. The proposals are intended to address questions that have arisen and to provide further guidance regarding compliance with certain aspects of the final overdraft rules. However, keeping up with this changing regulatory landscape can be overwhelming.
With more than 30 years of experience, JMFA has the compliance expertise to make sense of regulatory changes regarding overdraft programs and the products to help you maintain 100 percent compliance with these and all other state and federal regulations. We provide complete program management, account analysis and all the communication and educational tools you need to guide your account holders through the opt-in process.
The end results:
- well-informed account holders who have the information they need to protect their financial stability should they need a safety net; and
- the peace of mind in knowing that your institution has a 100 percent compliant overdraft program that will provide a boost to your bottom line in these challenging economic times.
Don`t delay; the deadline for implementing new Reg E "opt-in" requirements is fast approaching. Call us today at 800-809-2307 and let us help you get on the road to complete regulatory compliance and improved performance.
Federal Register notices:
Regulation E (108 KB PDF)
Regulation DD (90 KB PDF)
JMFA Executive Discusses Challenges of Reg E “Opt In” at CUNA’s Governmental Affairs Conference
Cheryl Lawson, executive vice president of compliance review for John M. Floyd & Associates (JMFA), was invited to participate as a panelist at the 2010 CUNA Governmental Affairs Conference in Washington, D. C., February 21-25. During a break-out session entitled, Overdrafts, Part I: Challenges Posed by the Fed’s Reg E Rule and How to Overcome Them, Lawson provided insight, to a standing room-only crowd, into how the opt-in requirement of Reg E will affect consumers and what credit unions can do to ensure their members maintain control of their finances during these challenging economic times.
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