Recently, there has been a lot of confusion in regards to what is required for non-FDIC regulated financial institutions regarding their overdraft privilege program. Strunk has received several questions from our non-FDIC regulated clients (financial institutions that are regulated by either OCC, Federal Reserve or NCUA) regarding findings from either auditors or examiners. It seems […]
Strunk offers overdraft privilege training to our clients to provide consistency on how the employees view the program and how the employees present the program to their consumers. When providing training we will sometimes get questions on how to handle specific areas of the program. Here are the 10 most frequently asked questions during overdraft […]
On August 27, 2021, the Board of Governors of the Federal Reserve, FDIC, and the OCC published new guidance aimed at community banks that are looking to expand their reach and service new customer bases through partnerships with financial technology companies (FinTech). While aimed at community banks, the regulators said the fundamental concepts could also […]
Fourth-party risk is rising to the top of most auditors and examiners list when it comes to evaluating financial institutions vendor management program. Fourth parties are your vendor’s third parties and subcontractors. These vendors you will not have a direct contract; however, your vendor does, and relies on these vendors to produce a product or […]
Ally Bank has recently made headlines announcing that it would no longer charge its customers overdraft fees. Ally is a popular online bank that offers one type of checking account and overdraft fees only accounted for less than .07% of Ally’s revenue in 2020. Ally Bank typically excludes consumers that use overdraft protection to begin […]
Not completing a risk assessment on all vendors. Some companies may decide not to do a risk assessment on a vendor because of the contract value or the type of work that the vendor is performing for the business. Each vendor that provides a product or service for your business should have a risk assessment […]
As more and more states are reducing their Covid-19 restrictions, we are seeing an increase in employees from financial institutions going back to face-to-face work environments. As workers start returning to their workspace in a safe fashion, this is a great time to have some additional training with your employees regarding your Overdraft Privilege program. […]
Having a well maintained vendor management program will allow you to build relationships with your vendors, while also strengthening your business. Understanding your vendors’ residual risk is a key piece of your vendor management program and it will let you know the amount of risk or danger associated with a vendor’s action after controls are […]
Over the years Strunk has been asked a number of times, “do business accounts that have overdraft privilege have to opt into Reg. E to have their debit card point of sale and ATM transactions covered in the program?” To understand this you must first understand that most consumer protection rules do not apply to […]
Understanding vendor risk is an extremely important part of your vendor management program. Each vendor that provides a product or service to you may have some inherit risk that your organization may take on. Knowing the inherit risk for each of your vendors before you go into contract with them will provide insight into whether […]
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.
