Best practices for overdraft and courtesy pay programs

Posted: Jan 25, 2023 | Author: Cornerstone League

Perspectives Vol 17 Issue 4The latest edition of Perspectives magazine features an outstanding new article called “Best Practices for Overdraft and Courtesy Pay Programs” by Associate Regulatory and Compliance Counsel Nathan Behncke with the Cornerstone League.

Behncke writes, “Over the last few years, we've heard rumblings from most of the major regulators, especially the Consumer Financial Protection Bureau, indicating that overdraft and courtesy pay programs (ODP) are likely to receive additional governance in the near future. This direction coincides with the widening public perception that overdraft programs perpetuate an endless fee cycle that exploits consumers. If there ever was a time to review your overdraft or courtesy pay programs to align them with best practices, it’s now.”

Behncke has identified four areas that credit unions should actively review to improve their overdraft and courtesy pay programs, so they’re better aligned with regulators and consumers. Check out the article and more online.

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Perspectives Magazine

Perspectives Vol 17 Issue 4

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