|This article appears courtesy of JMFA, a Leagues Business Partner.|
In fact, as Elizabeth Warren, the initial champion for the CFPB, transitions into her new Senate role, many expect attention on consumer financial products to increase.
To avoid compliance scrutiny in the coming year, make sure your credit union is up-to-date with the latest regulations and consumer protection expectations on your overdraft strategies. Specifically, make sure that you are providing account holders with a clearly defined program that provides easy-to-understand information on fees, program processes, and alternative solutions.
If you’re not sure your overdraft program meets all regulatory requirements, a compliance and performance review can help you determine any changes you should make to stay 100 percent compliant.