updated 01/22/13 08:53 AM
AVOID COMPLIANCE SCRUTINY
Ensure Overdraft Program Is Up-to-Date
With the 2012 election in the rear-view mirror, JMFA doesn't expect to see dramatic changes in compliance regulation going forward. While opponents of the Consumer Financial Protection Bureau (CFPB) are expected to continue their efforts to change the leadership and appropriations for the bureau, its focus on protecting consumers from financial products that are unfair, deceptive, or abusive remains strong
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.
For more information, visit JMFA's website, or contact Candy Sims at 909.212.6016 or candys@ccul.org.
    © 2014 California Credit Union League