Overdraft Protection Disclosures – Verify ‘Opt-In’ Compliance Now

Be in compliance with Regulation E. Your Strategic Link Partners, Foster Pepper PLLC provide insight.

Compliance Center: Three Announcements From the CFPB

Get the latest big announcements from the CFPB; your question answered about NSF notices; plus this week’s legal briefs.

Compliance Center: CUNA Mutual Group Risk Alert on Overdraft Fee Lawsuits

CMG warns bond policyholders on overdraft fee lawsuits, your questions answered on members

stopping payment on cashier’s checks, plus this week’s legal briefs.

Compliance Center: DoD Issues Change to Allotment Regulations

Defense Department changes allotment regulations; Social Security funds for overdrawn accounts; and Legal Briefs.

Compliance Center: CFPB Issues Bulletin Regarding Marketing of Credit Card Promotional APR Offers

Credit card marketers put on notice by CFPB, answer to your NSF notice question, and more.

CFPB Report on Small Debit Purchases and Overdraft Charges

The CFPB is concerned about how consumers will be impacted by opting in to overdraft services for one-time debit card and ATM transactions. Also in the Compliance Center: legal briefs and the question of the week.

Compliance, Revenue, Customer Service: How Two Credit Unions Made One Choice and Got All Three

New opt-in requirements for overdraft protection on electronic transactions had two credit unions worried about compliance, member services, and lost income.

CFPB Releases Initial Overdraft Study Results

The CFPB will continue to study overdraft programs before addressing any policy changes. But the Bureau has released the initial results of its 2012 inquiry. In our Strategic Link business partner feature this week, John M. Floyd, chairman and CEO of JMFA, shares perspective on the report.

Credit Union Checking is Still the Consumer’s Best Bet

Media reports this week spotlighted the increasing fees consumers are paying for NSF checks, however, a study shows credit unions impose such fees much less frequently than banks.

Strategic Link Question of the Week

We would like to implement an overdraft program that is both a financial safety net for our members and a source of revenue for the credit union. Do any Strategic Link business partners provide this kind of service?

Addressing the Impact of Overdraft Policies on Low-Income and Young Consumers

Strategic Link business partner John M. Floyd and Associates has been working to provide the CFPB with a balanced look at how transparent overdraft programs can benefit informed account holders, and their findings revealed patterns of overdraft use that disproportionately impacts young adults and consumers of low and moderate income.

Consumers and Regulators Demand Straightforward, Disclosed Financial Services, Not Gimmicks

John M. Floyd, chairman and CEO of Strategic Link business partner John M. Floyd and Associates, explains the importance of balancing transparency and value for members with the credit union’s need to earn consistent revenue.

Forums Provide a Balanced Perspective on Policies and Procedures of Consumer-Friendly Overdraft Programs

Strategic Link strategic partner John M. Floyd & Associates how its work with the CFPB on overdraft practices has revealed a pattern regarding the use of overdraft protection and how account holders are affected by different practices.

Review Policies for Re-ordering Debit Transactions

CUNA Mutual Group’s Brad Mundine explains the importance of reviewing overdraft policies given the multi-million-dollar settlements paid by big banks for related class-action lawsuits in recent years.

Re-sequencing Debit Transactions Earn Banks Negative Attention, Profits, Record Penalties

As banks settle multimillion-dollar lawsuits for illegal overdraft policies, credit unions are now being brought into the fray and may soon face the same type of attention and penalties as their for-profit cousins.

Is Your Third-Party Overdraft Provider Putting Your Credit Union at Risk?

John M. Floyd, chairman and CEO of Strategic Link business partner JMFA, explains that credit unions must be mindful of how their overdraft program processes and fees affect members, especially in light of the CFPB’s efforts to protect consumers.

Protect Your Credit Union from Legal Challenges with a Compliant Overdraft Program

Strategic Link business partner JMFA writes about how its Overdraft Privilege program can help credit unions avoid lawsuits and litigation regarding overdraft fees.

NWCUA Regulatory Advocacy Update: CFPB Extends Deadline for Overdraft Input

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here are updates on the CFPB’s overdraft input initiative and proposal to revise Reg Z.