JMFA Podcast: Recent Episodes
JMFA
JMFA has been a leading industry provider for community banks and credit unions for more than 40 years. With more than 2,000 client consulting projects focused on improving service delivery, strengthening income and, controlling expenses, the JMFA team is committed to sharing keen insights and information in support of helping clients achieve measurable results.
Regulatory expectations related to overdraft fees continue to be a trending topic. Now more than ever, it is imperative to re-evaluate your program strategy to avoid compliance headaches and reduce your litigation risks.
JMFA’s EVP of Compliance review, Cheryl Lawson, recently joined in the discussion for the Bank on Wipfli podcast. Listen in for ways you can successfully navigate compliance and regulatory expectations.
Cheryl visited with Wipfli senior manager Robert Zondag to cover how to respond to litigation and answer these questions:
- How can you ensure your financial institution’s overdraft program is compliant with all regulations?
- How can you ensure transparency and help account holders know what they’re agreeing to?
- How can you keep up with all the regulations around overdraft programs?
RECORDED WED OCTOBER 20, 2021
Listen to the audio of the live webinar, "Does your overdraft strategy need a reboot?" Hosted by Barb Lowman, CUNA Strategic Services President, this Q&A-style session addresses some of the top issues and challenges related to overdraft (courtesy pay) programs.
Learn about current legislative efforts and trends in overdraft strategies, including excessive fees and disclosure issues. You’ll also gain insight into how a socially responsible overdraft privilege service delivers value and financial stability. Panelists for this session included credit union CEOs to offer their unique perspectives and subject matter experts from JMFA, a strategic alliance provider for CUNA Strategic Services.
PANELISTS:• Stephanie Covington | President and CEO, Government Printing Office FCU (Washington, DC)
• Michelle Dwyer | President and CEO, Franklin First FCU (Greenfield, MA)
• John Cohron | Chief Executive Officer, JMFA
• Cheryl Lawson | EVP of Compliance Review, JMFA
KEY AREAS OF DISCUSSION:• What to make of the renewed legislative activity and criticism
• How to responsibly address consumer needs
• Challenges and misconceptions to overcome
• Trending news of some financial institutions announcing changes to their overdraft service
• The consequences of not offering an overdraft service or doing away with it
• Ways reduce regulatory risk and fulfill expectations from regulators, examiners, and consumers
In this podcast, listen as Client Communications Manager, Jennifer Brooks and Relationship Manager, Jamone Moore introduce our new compliance mailing services. You’ll learn how you can save time and money when it comes to keeping your account holders informed about the overdraft service you’re offering. With compliance changing over the years, we can assist with ensuring your communication is tailored based on your market and effective to meet your program goals. They share some key advantages about the service—including what you can expect. Plus, you’ll hear what the clients have to say.
Episode Highlights
- 0:51 Intro and Jennifer Brooks’ Role at JMFA
- 2:02 Jamone Moore’s Role at JMFA
- 2:56 Key advantages of JMFA’s mailing services
- 4:51 Importance of having a tailored account holder communication plan—including how it impacts compliance
- 7:00 What you can expect when outsourcing mailing services with JMFA
- 9:26 Direct client feedback about the service
- 11:15 How to get started with saving time and money
- 11:55 Final thoughts
In this podcast, Ashley Yocum with PBK Bank shares a real-world perspective of what it is like to successfully manage their overdraft program. Prior to implementing the JMFA Overdraft Privilege® program, the bank utilized an Adhoc program. While offering a compliant overdraft service that delivers value to customers was their top priority, they gained more streamlined processes for greater efficiencies and best practices for managing overdraft income. Ashley also provides a quick overview of the time it takes to manage the program, including the reports used on a daily and monthly basis. You’ll also hear about the other tools and resources the bank relies on for creating a positive impact with the service.
Episode Highlights
- 0:20 – Introductions
- 0:50 – Common questions about managing the program
- 1:16 – Processes prior to implementing JMFA program
- 1:50 – Initial concerns before implementation
- 2:41 – Overview of daily and monthly processes
- 3:45 – Key reports that help with managing the program
- 4:30 – Additional tools and resources
- 5:32 – Training opportunities and experience working with the consulting team to achieve success
- 7:06 – Program impact for the bank, customer and fulfilling their mission
- 8:47 – Closing remarks
In this podcast episode, listen as Director of Implementation, Jennifer Peoples and Senior Implementation Manager, Donna Sumrall share how JMFA is your go-to resource for ensuring your overdraft program continues to be successful during a core conversion. What if the new core doesn’t have all the same functionalities? What processes and procedures need to be reviewed? Are there new training needs? Could there be potential revenue losses? With our team of experts, we can help ensure you obtain maximum functionality while avoiding performance and compliance roadblocks.
Episode Highlights
0:29 – Introductions
1:47 – Ways a core conversion can impact your overdraft program
2:57 – Where to begin if you are considering a change to your core provider
3:56 – How far in advance of the go-live date should you review your overdraft program
4:43 – The resources needed to ensure a smooth transition
7:24 – Potential obstacles that may come up
10:02 – Benefits of JMFA’s guidance and support through a core conversion
Over the past number of years, there has been a significant increase in the threat of lawsuits alleging improper assessment of overdraft and/or NSF fees. Plaintiff attorneys across the nation are targeting consumers to file suit against. In this podcast Cheryl Lawson, JMFA’s EVP-Compliance Review, and Jennifer Peoples, JMFA’s Director of Implementation offer additional information and practical advice on this hot topic.
Learn more about what these types of Demand Letters are and the components, what to do if your financial institution receives one and how JMFA can assist you. More importantly, you will gain a better understanding of the best practices, including precautions, existing tools, and support offered to proactively address any concerns and be prepared.
Episode Highlights
- 0:51 – The components of a Demand Letter for NSF/overdraft related class-action lawsuits
- 1:35 – What we have come across with the trend of demand letters being issues to clients
- 2:30 – What you should do if you receive a Demand Letter
- 3:34 – How JMFA will assist—forensic audit/analysis of the transactional data and communication, disclosures, and other details for the account holder(s)
- 5:06 – Hear an example of a real-world scenario
- 7:09 – How we offer assistance and support
- 8:56 – Best practices for being prepared and minimizing risk
- 14:50 – Final thoughts
In April we provided initial takeaways for the impact of COVID-19 on overdraft services. Over the past few months, we have learned a great deal as our team continues to work closely with clients on effective strategies to enhance recovery efforts. As promised, we have new insights to share based on monitoring and evaluating results for our financial institution clients over the past six months. Additionally, we have analyzed data for all financial institutions across the nation.
Listen as John provides an overview of how community banks and credit unions are performing to recover earnings, client data trends, and performance highlights. You’ll also gain valuable perspective for addressing your overdraft program to enhance your results.
Episode Highlights:1:23—Performance highlights for JMFA clients—NSF/Overdraft income, transaction volumes, program utilization, waived and refunded fees, charge offs
3:33—Industry data comparisons for income decline
4:58—Factors for improved recovery results for JMFA clients
5:35—Reg E opt-ins and communication
6:34—Minimizing the impact of forecasted financial shortfalls
7:29—Compliance considerations and best practices
8:49—Areas of focus that will impact recovery results
Not all overdraft programs are created equal. To be successful, you must use a proven program management method that provides day-to-day consistency and total compliance peace of mind. That’s where industry-leading JMFA—a strategic partner for The Wisconsin Credit Union League and CUNA Strategic Services—comes in.
In this episode, Tara Krejcarek, WCUL's Senior VP of Strategic Partnerships, speaks with Shay Santos, Dane County Credit Union's CEO. Their discussion focuses on the many benefits the credit union has realized by choosing JMFA as their consulting partner. You'll hear Shay's perspective on how the program has benefited the credit union and members, including—vital factors to consider when evaluating your program, why members use the service, and how the credit union effectively manages risk. Plus, you'll gain useful insight into how offering the service aligns with the credit union's mission.
EPISODE HIGHLIGHTS:
- 1:47 – Top factors to consider when selecting a provider
- 4:00 – Achieving continued improvement
- 6:49 – Using additional non-interest income to enhance services for members
- 7:25 – Why offering a program should be on your radar
- 8:08 – The importance of a fair overdraft program
- 9:00 – Final thoughts from Shay
Shay Santos is the Chief Executive Officer of Dane County Credit Union League (DCCU). With a passion for credit unions and the success of the industry movement as a whole, Santos deeply appreciates the fact that credit unions have always focused on helping local people and their communities. From McFarland, Wisconsin, Santos graduated from University of Wisconsin-Madison with an Economics degree and earned an MBA from Edgewood College. He’s been with DCCU since 1990.
Tara Krejacarek is the Senior Vice President of Strategic Partnerships for the Wisconsin Credit Union League Services Corporation (WCUL) where she helps match Wisconsin credit unions with business partners that can help them reach their business goals. Krejacarek graduated from the University of Wisconsin-Oshkosh with a Political Science degree and earned an MBA from Carrol University. She’s been with the WCUL since 2007.
Susan Prell is a Regional Director for JMFA, helping credit unions in Wisconsin with improving revenue and service delivery. To learn more about the potential income opportunities and how a fully disclosed and compliant overdraft service contact Susan at (952) 250-6172.
As credit unions contend with the economic slow-down and budgeting season for 2021, there is a need to look at different approaches when it comes to improving earnings. Ryan Dold, Vice President of Business Solutions for the Heartland Credit Union Association speaks with Andre Branning, Regional Director of JMFA about how taking a look at your non-interest income and expenses could be the key to recovery.
JMFA is an endorsed partner for the Heartland Credit Union Association and provides solutions to address these concerns for credit unions. Listen to this podcast to discover how JMFA can be a resource to help improve your 2021 strategic plan.
EPISODE HIGHLIGHTS:
1:22 – JMFA’s background and overdraft program consulting overview
3:00 – Why you should consider re-evaluating your overdraft program with an expert
3:59 – What a credit union can expect when partnering with JMFA
5:11 – How does JMFA's program benefit credit union members
7:52 – How the program helps to increase revenue without increasing fees
8:34 – What is the impact of Regulation E transactions
10:03 – Meaning of 100% Compliance Guaranteed
11:39 – Why should credit unions partner with JMFA?
12:59 – What is JMFA Contract Optimizer?
15:00 – Benefits of using a third party for contract negotiations
15:34 – How to contact Andre Branning, JMFA’s Regional Director
The future holds uncertainty as we conduct business face-to-face, but we are discovering alternative ways of still serving consumers at the highest level. Financial institutions are finding new different touchpoints with their consumers and leveraging technology to stay connected.
Listen to this podcast to learn what JMFA’s client banks and credit unions are experiencing when connecting with their consumers. James Darden, JMFA’s Director of Field Operations offers candid feedback on how to make a positive impact within your organization as we navigate new challenges during the pandemic. While it has changed the way we do business—it is clear we are becoming stronger than ever before.
EPISODE HIGHLIGHTS:
- 0:55 How to bring consumers back in and pivot to new touchpoints
- 1:48 Feedback on the challenges community banks and credit unions are navigating
- 6:03 Examples of how clients are improving engagement—roll call, ordering food, surveys, creating a task force to solve challenges and achieve goals
- 10:28 Using technology to enhance collaboration and more
- 14:00 Lessons for the future—opportunities for improving efficiencies, collaboration and better service delivery for account holders
- 16:27 How clients are quickly adapting—re-evaluating business continuity plans, contingency plans for individual branches, reallocating resources, soliciting input from staff
- 24:15 Role of social media
- 26:04 How applying personal touches goes a long way and creates a stronger sense of community
- 26:30 Going above and beyond for your internal teams
- 29:38 Curbside servicing and proactively reaching out for your account holders offers long-term value
- 36:52 Final thoughts on how to deal with change to make us stronger in the future
In this podcast, listen as Senior Relationship Manager, Damian Babineaux, and Systems Manager, Larry Blunt, describe how JMFA is leveraging technology to provide greater value to its clients. Specifically, they will discuss how the cloud-based Privilege Manager CRM® software enables greater collaboration, more proactive and thorough analytics, and robust reporting to benefit clients in getting the most from their JMFA NEXT GENERATION OVERDRAFT PRIVILEGE® program.
Episode Highlights
- 0:40 Introductions
- 1:40 How have the software has evolved over time
- 2:49 Changes to the software from the user perspective
- 4:08 Advantages of moving to the cloud
- 7:33 Quality data assists with attaining stronger teamwork and partnership
- 8:29 How enhancements have affected our clients
- 10:30 Achieving a collaborative user experience
- 13:28 Feedback from clients on the evolution of the software
- 16:49 Most meaningful advantages for clients
- 21:36 Final thoughts
Studies show training improves productivity, employee satisfaction, and motivation—all of which boosts staff retention. In this episode, JMFA trainer, Roy Seifert, enlightens us with stories of why training is an easy win for all—from employees to account holders and your organization. Whether its increased morale and job satisfaction or enhanced customer experience and loyalty, training is a valuable tool that should be part of every organization’s plan for success.
EPISODE HIGHLIGHTS:
1:00 Why ongoing training is important
1:56 How can training apply during a pandemic
2:51 Taking the opportunity to learn something new personally or professionally
3:30 How can training enhance productivity and more
4:10 What the prime motivators are for retention
5:02 How creating connection contributes to employee retention
6:43 Final thoughts Roy
Listen to this podcast to determine if you’re getting the very best deal from your vendors or if there is room for improvement in your existing or upcoming contracts. Kelly Flynn and Mary Soergel share their expertise and insight for how to secure maximum savings you’re due, and they disclose the best time to get started. More importantly, given the current challenges and need to find ways to boost the bottom line, they offer helpful advice for creating a positive impact in both the short-term and years to come.
As consumers start to receive stimulus payments there is no specific provision in the CARES Act for collecting on negative balances or accounts previously charged off due to a negative balance. This episode features a discussion of the potential reputational risks and compliance concerns.
In light of the coronavirus pandemic, JMFA CEO John Cohron offers initial key takeaways and shares insight on how community banks and credit unions can adjust their overdraft programs in order to support their account holders, while also mitigating losses.