Hsu Pushes Back on Overdraft “Junk Fee” Label
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In recent remarks, Acting Comptroller of the Currency Michael Hsu says making overdraft programs and fees more consumer-friendly — not eliminating them entirely — should ...
Is your overdraft program free from bias?
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Learn more about why relying on analytics or algorithms to determine who gets a specific service like overdraft protection, goes against regulatory expectations and could ...
AVOID THE PERILS OF INADEQUATE, UNDOCUMENTED OVERDRAFT POLICIES AND PROCEDURES
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TARGETED REVIEW OF PROGRAM DISCLOSURES AND PROCEDURES PREVENTS COMPLIANCE AND LEGAL RISKS The Consumer Financial Protection Bureau (CFPB) has reversed course on its January 2020 policy ...
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COVID-19 BEST PRACTICES FOR OVERDRAFT SERVICES
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SHARPEN YOUR FOCUS TO MAINTAIN COMPLIANCE AMID PANDEMIC DISTRACTIONS Given the mounting economic challenges facing many consumers since the coronavirus pandemic began, financial institutions have ...
Avoid Legal Risk with Transparency and Full Disclosure
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Three precautions to mitigate risk of overdraft/nsf fee demand letters Legal scrutiny for community banks and credit unions has picked up recently with an increase in ...
LITIGATORS CONTINUE TO TARGET OVERDRAFT FEES
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Legal scrutiny against financial institutions relating to overdraft practices and disclosures is on the rise, according to industry sources. In some cases, attorneys have used websites ...
HAS THE CFPB’S MISSION CHANGED?
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NEW STRATEGIC PLAN NARROWS THE FOCUS OF CONSUMER PROTECTION AGENCY With the recent release of its five-year strategic plan, Consumer Financial Protection Bureau (CFPB) leadership has ...
THE DISCONNECT BETWEEN ADDING NEW ACCOUNTS AND INCREASING REVENUE
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According to Call Report data, between 2012 and 2015 the number of credit union checking accounts rose from 46,612,471 to 57,135,397 – an increase of ...
Waiting to implement an overdraft program could cost you
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DELAYING ACTION UNTIL REGULATORS ISSUE NEW RULES NEGATIVELY IMPACTS MORE THAN YOU THINK In an environment where interest rates are low – and few product ...