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JMFA: Meeting Opens Dialogue as Regulators Contemplate New Regulations
Thursday, March 20, 2014 6:45 AM

When the Consumer Financial Protection Bureau (CFPB) solicited input in 2012 on the impact of overdraft protection programs on consumers, John M. Floyd & Associates (JMFA), a business partner of Credit Union Resources, partnered with Washington D.C.-based Morrison & Foerster, LLP to provide information gathered from community bank and credit union clients across the nation. In a follow-up to the data previously provided, JMFA met with the CFPB to discuss how fully-transparent, disclosed overdraft programs provide a valuable resource for consumers when they experience financial difficulties.

In response to recent government rule changes—which has left many overdraft programs outdated and obsolete—JMFA has an all new JMFA OVERDRAFT PRIVILEGE® program for financial institutions to stay compliant and recapture lost revenue. 

As the CFPB and other regulators continue to develop overdraft strategies and guidance for small- and medium-sized financial institutions, JMFA says it will continue to communicate with them regarding fully compliant, non-discriminatory overdraft solutions.