An unpredictable stock market and rising interest rates have led to a record drop in deposits at small financial institutions. This general sense of consumer apprehension led The Wall Street Journal to recently declare, “The [...]
Just as upgrading technology has become a greater priority … inflation, shrinking margins and reduced deposits have slowed or stalled the implementation of new technology. Three common major obstacles standing in the way of their digital [...]
Acting Comptroller of the Currency Michael Hsu pushed back against President Joe Biden and CFPB Director Rohit Chopra’s labeling of overdraft fees as “junk fees,” saying that forcing banks to stop offering overdraft protection [...]
In President Joe Biden’s State of the Union address on February 7, he called on Congress to crack down on “junk fees.” He defined the term in his address as “those hidden surcharges too [...]
The past year has seen financial institutions shape up (by focusing on compliance and transparency) or ship out (by “eliminating” fees rather than making their disclosures and methods more transparent for consumers, like the big [...]
“Recession,” though it hasn’t officially arrived, has been on everyone’s minds for months. You have probably felt the financial pinch already — which means 2023 could be another challenging year for revenue. If your [...]
Regulatory expectations related to overdraft fees continue to be a trending topic. Now more than ever, it is imperative to re-evaluate your program strategy to avoid compliance headaches and reduce your litigation risks. JMFA’s [...]
Thank you for tuning in to episode 50 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought [...]
From regulatory scrutiny and class-action lawsuits to media coverage and legislative efforts, overdraft programs have received much attention recently. Community banks and credit unions are questioning their overdraft practices. But the real question is simply, “[...]
The beginning of a new year is a time of renewal. It’s also when many of the holiday bills arrive. A few weeks of overspending can create financial stress and pressure for months. One [...]
Changes to the overdraft landscape are being made in various states and warrant attention. While Washington’s changes get national coverage, these state bills are also important. Here are several recent legislative actions concerning overdraft [...]
In late December 2022, the CFPB issued an order against Wells Fargo requiring the bank to pay back $205 million in “surprise overdraft fees” charged and not reversed since January 2021. These Authorized Positive/Settled [...]
As I have been visiting credit unions across the nation, several questions have been posed to me. Here’s one that may offer some helpful guidance: Question: Are we still at risk of penalties and [...]
CUInsight Publisher & CEO Lauren Culp is joined by Cheryl Lawson, EVP of Compliance Review at JMFA for a quick interview with just 3 questions about about overdraft & courtesy pay... Three questions: (0:42) [...]
There’s no doubt that algorithms can reach levels of analysis that humans alone can’t make. In banking, AI might identify fraudulent activity or improve fair lending practices — both of which ultimately offer benefits. [...]
