Mega banks and major regional banks all have very advanced loan pricing solutions. Not only that, but they are also getting more and more sophisticated. The complexity found within “big bank” pricing tools underscores the reason why community banks need to act and make progress toward adopting a more empirically based, formal pricing solution or […]
One of the biggest mistakes many FIs make when setting pricing strategy is to establish a ‘base lending rate’. Often this ‘base rate’ is applied regardless of the type, size, or term of the loan, and worse, is often set to Prime. For example, when considering a five-year fixed rate on a commercial real estate […]
On April 23, 2023, the OCC issued guidance on debit card transactions that are authorized positive, settled negative (APSN) and on re-presented NSF items. On the same date, the FDIC also issued guidance on APSN. Previously, on August 18, 2022, the FDIC had issued guidance on re-presented NSF items. The OCC and FDIC indicate that […]
Strunk is thrilled to announce that Quilo has been selected by the ICBA’s ThinkTECH Accelerator program as one of only 11 fintech companies to be part of the 2022 ThinkTECH cohort. Additionally, ICBA has made an investment in Quilo. ThinkTECH is a community bank-focused fintech accelerator run in partnership with The Venture Center, and was […]
Most bankers understand the importance of explaining their philosophy, strategic direction, successes and challenges to directors, auditors, examiners, analysts, and even their fellow executives and employees. They know it’s always better to tell their story before opinions are formed and judgements made about the condition and direction of their institution. Waiting until questions are asked […]
We’ve spent a lot of time working on and thinking about Governance, Risk Management and Compliance. Whole books have been written on this subject and there are graduate-level university courses on it as well. But in the practical world, for most businesses we think the whole GRC universe can be boiled down to four basic principles […]
The concept of ‘dynamic overdraft limits’, where different customers get different limit amounts based on purported risk, was developed for very large FIs, with the primary goal of reducing risk, with little regard for consumer convenience or fee income. At Strunk we believe dynamic limits are a bad idea. First let’s talk about risk versus […]
Law firms have started using social media and web advertising to recruit class action plaintiffs to sue credit unions regarding their overdraft practices and disclosures. Demand letters or complaints filed may make several allegations, including: Violations of EFTA and Reg. E, even where the credit union uses the Model A-9 form. Breach of contract due […]
An independent certified public accountant has examined Strunk’s operations and found them to be in compliance with the AICPA’s Trust Service Principles. It was determined that Strunk meets the Security, Availability, Processing Integrity, Confidentiality, and Privacy criteria for SOC 2 established by the AICPA.
