“No fee” doesn’t mean no consequences
Recent changes in overdraft fee practices at some banks and new product offerings by fintech providers have made a big splash in the news recently. Bolstered by a renewed interest ...
The latest from Cheryl Lawson
Avoid the perils of inadequate, undocumented overdraft policies and procedures
The Consumer Financial Protection Bureau (CFPB) has reversed course on its January 2020 policy statement regarding the prohibition on abusive acts or practices “to better protect consumers and the marketplace … ...
Are your digital disclosures getting through?
Growing consumer interest in digital banking services—combined with the necessity to modify normal in-person operations during the past 12 months—has caused a major change in the way credit ...
Keep your regulatory guard up
COVID-19 will continue to impact the way credit unions conduct business—for months, if not years to come. Effectively navigating an environment of lower interest rates, reduced revenue opportunities, and ...
No-tricks overdraft strategy
After living through the financial upheavals and a general sense of uncertainty over the past eight months, consumers are feeling a bit of fright—and it isn’t because Halloween ...
Regulators launch review of 2009 overdraft rule
As a requirement of the Regulatory Flexibility Act (RFA), the Consumer Financial Protection Bureau (CFPB) recently announced its intent to review the 2009 overdraft rule. This rule requires consumers to ...
Best practices lead to best results
Following the recent passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155 ) – which was intended to roll back some of the regulations of the Dodd-Frank law ...
Is your overdraft solution a disclosed service or a hidden fee?
In the Federal Reserve’s fifth annual Report on the Economic Well-Being of U.S. Households, released in early May, the number of Americans who say they are managing okay ...