So, you're waiting for the CFPB to decide about overdrafts?
And why is that?
- Is it because you are completely confident you are operating an up-to-date and properly managed overdraft program?
- Or perhaps you are positive your program is compliant?
- Or maybe you have no doubt that your current program is properly serving your accountholders (whose accounts generate a large percentage of your non-interest income)?
If you cannot answer a resounding 'YES' to each of these questions, NOW is the time to ensure your overdraft program is optimized to handle to whatever the CFPB hands down. The fact is, there have been significant changes in overdraft management since most financial institutions implemented or even last reviewed their overdraft programs. Today's solutions—and providers—far exceed yesterday's options.
The wise move is to check out today's modern solutions and select an innovative partner that has not only adapted to past regulatory changes, but is committed to addressing ongoing changes in the future. You need a provider that offers robust software with a record of continuous upgrades; one that puts a premium on compliance; one that recognizes superior service is the reason a program runs smoothly.
As for waiting, don't fool yourself.
The CFPB will undoubtedly require some changes in overdraft management. If you wait to assess your overdraft program at that time, you could be left behind.
Don't get caught standing in line. Reach out today and maximize your overdraft program now, while preparing for the future.