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PODCAST: Does your overdraft strategy need a reboot?

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JMFA |

Recorded Wednesday, October 20, 2021

Listen to the audio of the live webinar, “Does your overdraft strategy need a reboot?” In this Q&A discussion, Barb Lowman, CUNA Strategic Services President, addresses some of the top issues and challenges related to overdraft (courtesy pay) programs. Panelists for this session included credit union CEOs who offered their unique perspectives and subject matter experts from JMFA, a strategic alliance provider for CUNA Strategic Services.

PANELISTS:

DISCUSSION HIGHLIGHTS:

  • 01:26 – Panelist Introductions
  • 04:02 – Current legislative attempts and impact on consumers
  • 04:20 – Continuous themes of legislation and outcomes
  • 07:13 – Ways to minimize the stress given staffing challenges and overall needs
  • 11:37 – Speculation on whether overdraft services are on their way out
  • 15:28 – The real deal behind the news of some financial institutions making a shift how they offer overdraft services
  • 18:40 – Two credit union CEOs weigh in on this trend and offer their perspectives
  • 21:36 – Costs and consequences of not offering a valuable service
  • 23:04 – Takeaways when you look at it from the back office with the member in mind
  • 27:34 – Revenue impact and much more
  • 32:11 – Why credit unions offer the service and why they rely on JMFA
  • 36:08 – CEOs discuss the value of understanding member use and managing an effective program
  • 40:52 – Q&A
  • 50:50 – Final thoughts

ABOUT THE HOST AND PANELISTS:

Photo of Barb Lowman, CUNA Strategic Services

Barb Lowman is the President of CUNA Strategic Services where she is responsible for executive leadership, strategic vision, and guidance. Her vast industry experience within technology and operations includes a proven track record of delivering innovative products and superior service to help credit unions and their members thrive.

Photo of Stephanie Covington of Government Printing Officer Federal Credit Union

Stephanie Covington is the President and CEO of Government Printing FCU in Washington, DC. During her career, she has held various positions within the retail branch environment and management, including 18 years at Pentagon Federal Credit Union in Alexandria, Va. Stephanie has spent most of her career successfully implementing retail banking strategies, which positions her to offer valuable leadership and member service perspective today.

Photo of Michelle Dwyer, President and CEO of Franklin First FCU

Michelle Dwyer is the President and CEO of Franklin First FCU in Greenfield, MA. She began her journey at Franklin First as a temp-to-hire teller and made her way through the ranks to become the CEO. Over the years, Michelle learned every aspect of credit union operations—both front and back office. She is currently a member of the Credit Union Advisory Council for the CFPB, where she advises and consults with the Bureau on consumer financial issues related to credit unions. Michelle’s vast experience will also add tremendous value to today’s discussion.

Photo of John Cohron, CEO of JMFA

John Cohron is JMFA’s Chief Executive Officer, providing leadership, planning, and oversight for the company. Previously, John was the principal advisor for information technology and directly managed the company’s consulting operations group. His experience includes 30+ years in government and the financial services industry, with expertise in software and systems engineering as well as automation and operations support.

Photo of Cheryl Lawson, EVP of Compliance Review for JMFA

Cheryl Lawson is JMFA’s EVP of Compliance Review where she provides expertise helping credit unions fulfill all regulatory requirements and consumer protection expectations for their overdraft solution. She also proactively studies industry trends and regulatory complexities. Cheryl is a highly sought-after authority for compliance issues related to overdraft programs and speaks at numerous industry events.

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