Legislators have recently turned up the heat on excessive fees and undisclosed overdraft program procedures. As COVID-19 continues to impact the country, political agendas can create uncertainty regarding important financial service options.
Here are insights from our EVP of Compliance Review, Cheryl Lawson, on topics making news headlines. While legislation has previously failed numerous times, our compliance expert addresses a few continuous elements proposed by lawmakers to impose changes to regulations on overdraft programs. Plus, you can learn more about the shifts some financial institutions are making to revitalize the image of their overdraft solution.
0:23 – Overview of Overdraft Protection Act of 2021
0:42 – Common themes of the proposed legislation
1:41 – Previous regulatory and legislative actions on proposed restrictions
3:26 – Anticipated impact of this legislation
3:59 – How some banks are announcing a shift to their overdraft solution
6:14 – Advantages of a transparent and fully disclosed program
6:49 – Final thoughts