Cheryl Lawson, executive vice president of compliance review with JMFA, joins BankBeat publisher Tom Bengtson to discuss the importance of robust overdraft solutions management. With how complex compliance has gotten, it’s important to seek out knowledgeable industry partners who can guide your bank through the minutiae of overdraft services.
“Every financial institution should consider investing in a partner who can become their eyes and ears on the ground to really help them make a strong overdraft solution,” Lawson said. Especially as changes come down with new personnel under a new administration, keeping up with regulatory updates is crucial, she said.
Overdraft disclosure compliance is a particularly thorny issue that has caused pain for some institutions. “That’s a simple thing to get right,” she said. “But if you screw it up, it’s a very costly mistake.”