John M. Floyd, chairman and CEO of Strategic Link business partner John M. Floyd & Associates, writes about the barriers still facing credit unions as the industry and economy work their way back from the current recession.
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 work with checking accounts and opportunities for comment.
The CFPB is no longer confining its attention to loans, as Wednesday, Feb. 22, marked the launch of the CFPB’s inquiry into checking accounts and overdraft protection programs.
John M. Floyd explains how JMFA Overdraft Privilege® can ease credit unions’ regulatory burden and provide improved member service as a fully-transparent overdraft program with a 100 percent compliance guarantee.
A lawsuit filed this week alleges that Umpqua Bank used unfair practices to assess overdraft fees, giving credit unions cause to take a second look at their own fee assessment procedures.
John M. Floyd, Chairman and CEO of John M. Floyd & Associates, analyzes the impact of the Reg E opt-in requirement on overdraft fees for electronic transactions and stresses the importance of a compliant overdraft protection program with strong management oversight.
JMFA is offering a free webcast to help credit unions leverage the current financial climate to attract new members and grow non-interest income.
In a guest article from business partner JMFA, an overdraft program is offered to increase income and offset the anticipated impact of the interchange fee cap.
Credit unions are looking for assurances that their existing program will pass examiner scrutiny, while continuing to provide a much-needed boost to their bottom line and a valuable service to their members.
Your update on the regulatory landscape.
Recent reports indicate that as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, the Federal Reserve is proposing rules that would lower interchange fees on debit card transactions to 12 cents per transaction.
As the Federal Reserve moves closer to implementation of the new interchange law, financial institutions across the country are concerned about how they will be affected by the possible loss of interchange fee income.
As regulators put the finishing touches on rules affecting overdraft programs, credit unions are looking for assurances that their existing program will pass examiner scrutiny, while continuing to provide a much-needed boost to their bottom line and a valuable service to their members.
The three major regulation changes (Regs. E, Z and FACTA) that went into effect today mark the turning point for the majority of the changes we will see in 2010.
Despite the remaining confusion in the marketplace about the implications of new regulations, you know that your members expect you to provide the services they need.
Business Solutions: Information from the League’s Business Partners
Business Solutions: Information from the League’s Business Partners