As a result of the financial impact COVID-19 has had on many consumers, legislators have renewed criticism of overdraft services. Before taking a “wait and see approach,” there are some of the common themes legislators continue to bring into focus. Plus, previous attempts have gained little traction. Will it be different this time around?
Often unrealistic legislative efforts and sensational news cycles overshadow the value of fully disclosed overdraft programs for consumers. While fueled by excessive fees and undisclosed overdraft program procedures, JMFA’s EVP-Compliance Review weighs in. Learn why the proposed legislation mostly restates what regulators have already addressed. Plus, gain insight into how you can deliver value and financial security to your account holders.continue reading »