Overdrafts: Staying Responsive to Regulatory Changes

May 10, 2024

A free webinar brought to you by CUNA Strategic Services and ADVANTAGE.

Featured Speaker: Cheryl Lawson, EVP of Compliance Review, ADVANTAGE

Watch our “Compliance Chat” video to learn how you can deal with changes in the regulatory landscape pertaining your credit union’s overdraft services. It might surprise you but adopting a “wait and see” approach can actually increase your credit union’s risk exposure.

Priorities and Issues Managing Compliance Issues

Your compliance department shoulders the responsibility of protecting your credit union and mitigating risks. However, the reality is that they are tasked with being the experts in many different areas. No matter how brilliant your compliance officer is, staying ahead of each regulation can pose a significant challenge. Keeping pace with the latest governance and interpretations – from deposits and lending to attending conferences, reviewing briefs, and reporting changes – is a tall order. Year over year, the influx of changes and new compliance issues compounds the complexity, adding an immense amount of pressure and additional responsibilities.

Adapting to today’s regulatory landscape requires scalable resources, irrespective of your credit union’s size or operational scope. Establishing such capabilities is vital for efficiently navigating regulatory changes and minimizing risks. Staying ahead of emerging issues can be daunting when they’re not immediately apparent.

Most compliance officers appreciate support in achieving compliance certainty in specific areas such as overdrafts. Outsourcing specialty compliance issues to an expert in the area is an effective solution that complements their expertise and allows them to allocate time to other pressing matters.

Relying on Knowledgeable Expertise Supplements the Efforts of Your Compliance Team

Engaging outside expertise helps bridge knowledge gaps and offers:

• Access to a supportive team that is dedicated to your overdraft program’s success
• Ongoing monitoring and program maintenance to optimize performance while ensuring compliance
• Consistent processes, industry best practices, and effective tools to create a better member experience

Hot-button issues in our industry change. Having a reliable resource laser-focused on running compliant overdraft solutions will relieve the weight from your compliance department’s shoulders so they can focus on the myriad of other issues they face on a daily basis.

As the environment for overdraft services continues to evolve, discover how ADVANTAGE can add support to your internal teams, enabling you to remain proactive and responsive.

About ADVANTAGE

ADVANTAGE, powered by JMFA, is dedicated to empowering financial institutions with strategic solutions for growth and success. Our comprehensive services include overdraft program consulting and compliance, checking account acquisition strategies, contract negotiation expertise, and consulting for technology strategy, evaluation and selection. With a rich history of serving credit unions nationwide, we are committed to delivering exceptional value and fostering long-lasting partnerships. Choose ADVANTAGE, to elevate your performance, identify new opportunities, and build more value.