In 2010 there were changes to the laws and regulations for financial institutions regarding overdraft privilege programs. Certain Regulation E rules took effect July 1, 2010. Under these rules, financial institutions must provide notice and reasonable opportunity for customers to opt-in to the payment of automated teller machine (ATM) and one-time point-of-sale (POS) overdrafts provided […]
About Joel Lawrence
Joel Lawrence has more than 15 years of financial industry experience, where he has gained invaluable knowledge of managing projects, resources and staff in an effective and efficient manner. Through his years of experience he as worked in lending, asset management, sourcing and compliance. Joel is highly focused with a comprehensive understanding of service level agreements, vendor management and regulatory risk. He has a consistent and proven track record of successfully employing best business practices that improve efficiency, reduce operating cost while increasing performance.
Joel is a graduate of Cumberland University where he played basketball and The University of Alabama where he received his M.S. (Global Business Management).
Joel and his wife, Beth, have two kids, a son Sean and daughter Sophie.
Entries by Joel Lawrence
With the Covid-19 pandemic having an enormous effect on a financial institution’s overdraft privilege program, this is a great time to review your existing program to make sure it is running as efficiently as possible. Financial institutions pointed to government relief efforts, increase in unemployment benefits and the decrease in discretionary purchases that had a […]
Financial Institutions encode items with a special transaction code to ensure payments are received before other items clear an account. The codes are used for a variety of reasons. As long as you make a deposit or have enough money in your account to cover the transaction, you don’t have to take further action. A […]
Having a well written contract with your vendor is a critical aspect in your vendor manager life cycle. The contract is important as it sets forth the terms and conditions of the relationship with the vendor. Vendor contracts are legal agreements that clearly set forth the provisions and conditions of the work or services that […]
Consumers should be provided an Overdraft Privilege Service Policy which discloses the limit, fees, and general practices before any limit is assigned, in addition to the standard deposit agreement and fee schedule. The Service Policy needs to be provided at program launch, new account opening or when a consumer account qualifies for Overdraft Privilege. Disclosing […]
Managing risk is a fundamental process for any business and is crucial to achieve ongoing success for any company. Strunk’s Risk Manager solution provides a systematic process to ensure that you organization 1) knows your risks, 2) has policies to mitigate key risks, 3) is able to verify that policies are followed, and 4) can […]
Over recent weeks, the ongoing spread of the COVID-19 coronavirus has forced companies around the country to make difficult decisions about how to protect their employees — as well as their communities as a whole. In an effort to halt the spread of the virus, many organizations are instituting mandatory work-from-home (WFH) policies, engaging with […]
Lately, there has been a lot of confusion around consumers who ‘abuse’ the overdraft privilege program from our clients. Our clients have asked us what they should do for their consumers who use the overdraft privilege program on a regular basis and what are the recommended compliance and regulatory practices they should follow for these […]
Over the past several years, regulators have targeted vendor management as one of their top regulatory concerns. With growing dependence on third parties for services, the need for effective vendor management programs has increased. While regulatory framework for vendor management has been in place for years, the detailed expectations and efficiency have been missing. Most […]
As the end of the year approaches, we have seen more and more clients loose potential additional fee income by waiving or refunding customer OD/NSF fees. This is often lost income potential that is unknown to the institution. Generally most systems are set up to charge fees after the pay/return decisions have been made, so […]