Compliance Corner: When doing the right thing is also the easiest thing
“Doing the right thing” has become synonymous with “doing the hard thing.” After all, eating healthy, saving money and exercising regularly are all things that most people would agree are the “right” thing to do—but they’re often not so easy. For banks and credit unions, doing the right thing—following compliance regulations to a “T”—can often seem like a time-consuming burden; however, it’s actually much easier than the alternative.
Don’t believe me? Imagine the hassle and costs that could come from increased compliance scrutiny and lawsuits related to a non-compliant overdraft program, not to mention the bad public relations and loss of accounts that could occur. Wouldn’t it have just been easier to make sure you were “doing the right thing” from the beginning?
“The time is always right to do what is right.” – Martin Luther King, Jr.
When I talk to banks and credit unions about why they’re not using a third-party expert to manage their overdraft program, I usually get one of two responses.
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