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CFPB encourages short-term liquidity options

Posted by W. Barrett Nichols, founder & CEO on Feb 4, 2016 11:46:33 AM
BSG Financial Group appreciates The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray's February 3, 2016  letter to financial institutions regarding alternative products for their customers. We find the suggestions helpful and progressive for assisting customers of any institution who want a "non-traditional" way to manage their funds and avoid problems from fees, overdrafts and other challenges to their needed access to short-term liquidity. It truly is right on point with sound suggestions and something that every financial institution should work to achieve. It clearly states the letter is not in reference to any regulatory requirement, but "simply is a suggestion that I urge you to consider in serving your customers". 
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Topics: Overdraft Protection, CFPB, Underbanked, Checking Accounts, Short-Term Liquidity

Overdraft Analysis Does Not Always Match Overdraft Reality

Posted by Michele Rehm, Marketing Manager on Jan 26, 2016 9:03:50 AM

Our friend, Haberfeld Associatesa consulting firm that specializes in community bank and credit union growth and profitability, recently published an article that we think needs to be shared.

You see, the experts at Haberfeld–as do wedisagree with much of the analysis being published about overdrafts, especially from organizations like The Pew Charitable Trust and the Consumer Financial Protection Bureau (CFPB) that are looking to further regulate or even eliminate this service.

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Topics: Overdraft, News, CFPB, Research