CFPB touts efforts to measure impact of FIs overdraft programs
The CFPB published a blog post Thursday regarding overdraft and non-sufficient fund (NSF) fees. The post describes the bureau’s supervisory efforts toward financial institutions “with a higher share of frequent over drafters or a higher average fee burden for overdrafts.”
Specifically, the post highlights the five consumer-impact metrics that the bureau has started asking financial institutions, including:
- the total annual dollar amount consumers receive in overdraft coverage compared to the amount of fees charged;
- the annual dollar amount of overdraft fees charged per active checking account;
- the annual dollar amount of NSF fees charged per active checking account;
- the prevalence of frequent overdrafters, or the share of active checking accounts with more than 6 and more than 12 overdraft and/or NSF fees per year; and
- the share of active checking accounts that are opted into overdraft programs for ATM and one-time debit transactions.
The bureau also included a more detailed set of questions on overdraft practices. They intend to use the information gathered from these questions to identify institutions for further examination and review. Of note, the bureau also praised the banks and credit unions that have changed their overdraft and NSF programs to be less reliant on fees.
Of note, NAFCU has previously written to Congress to express concerns about legislative efforts to limit overdraft fees, cautioning that legislative efforts to eliminate overdraft protection programs will likely result in significant negative impacts on borrowers and credit unions. Next Wednesday the House Financial Services Committee will hold a rescheduled markup of the Overdraft Protection Act, which was delayed this week when Committee Chairwoman Maxine Waters, D-Calif., tested positive for Covid. NAFCU has expressed concerns about the legislation and the impact it would have on credit union programs. In addition, the association has discussed overdraft fees in both a letter and joint trades letter submitting feedback to the CFPB on their request for information (RFI) regarding fees on consumer financial products and services, or "junk fees."
NAFCU will continue to monitor the CFPB’s actions on overdraft programs.
Add to Calendar 2022-12-01 14:00:00 2022-12-01 14:00:00 More Benefit, Less Burden from Your Risk Assessment Process About the Webinar Let’s talk Risk Assessment! Did you just cringe at those two words? As industry professionals, we get it. For many credit unions, risk assessment seems like a compulsory, tedious task. As you prepare for 2023, consider how you can change your mindset to appreciate the value in the risk assessment process. We’ll convince you that risk assessment is actually a beneficial exercise that can support and improve your credit union’s cyber readiness and compliance efforts. Are you ready to reevaluate your approach? Join us for our webinar, “More Benefit, Less Burden from Your Risk Assessment Process,” on Thursday, December 1, at 2:00 pm EST to learn more about the benefits of a proactive approach to risk assessment, including: Better conveying your program’s successes to internal and external audiences Strengthening decision-making and prioritization of initiatives Proactively pivoting to focus on new high-risk areas Consistent scoring and application of control profiles enterprise-wide Seamless portrayal of how internal controls support mitigating controls Robust audit trail proving how risk and internal control scores have evolved Improving how examiners view your institution’s risk culture Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
Add to Calendar 2022-12-01 14:00:00 2022-12-01 14:00:00 Dealing with Difficult Members: 5 Foolproof Techniques Dealing with difficult people is an unfortunate byproduct of the financial services industry. From the teller line to the call center, on up to collections--working with borrowers who are confused, angry and looking for somebody to blame--is a daily occurrence. Frontline staff need to develop a thick skin and a solutions-oriented tool kit to work through these challenging interactions. We need to remember that the members are not always expressing frustration with the institution. Their ire is most often tied to external events or other triggers. But at the end of the day, we must find a way to meet their needs with as little emotional trauma as possible. Fortunately, in this Dealing with Difficult Members: 5 Foolproof Techniques webinar, you’ll learn that there are methods you can utilize to focus on a positive outcome and work through most situations. Anger is a natural emotion and one which is almost universally experienced. Rather than return anger for anger or lose a good customer, why not try to build a better interaction? Key Takeaways Discover how to develop listening strategies Review common anger triggers Learn de-escalation techniques Purchase Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until December 1, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents/CEOs COOs Branch managers Operations staff titles HR staff Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Get daily updates.
Subscribe to NAFCU today.