In November, the Federal Reserve Board issued final rules — Regulation E — that prohibit financial institutions from charging consumers fees for paying overdrafts on ATM and one-time debit card transactions unless a consumer consents, or opts in, to be charged a fee for those types of transactions. The ruling, which becomes effective July 1, 2010, also requires an opt-in form that contains specific information on the institution’s overdraft practices and policies, including the fees associated with the services, and the consumer’s options.download pdf
Fees are now — and will continue to be — a major revenue driver for financial institutions. How well you manage them and disclose them will determine whether you remain compliant with the CFPB and avoid hefty fines and other punitive actions.
In the era of smartphones and mobile banking, what do consumers want from the branch? The answer may surprise many financial institutions.
The requirements of the Community Reinvestment Act (CRA) make acquiring more customers in the low-to-moderate income segment an even higher priority for financial institutions. With a mandate to invest in banking services in underserved communities, it makes sense to consider cost-effective acquisition solutions that let you reach these unbanked and under-banked consumers, while also helping meet your CRA compliance goals.