FORT
LAUDERDALE, Fla., May 16, 2024
/PRNewswire/ -- Velocity Solutions has launched an educational
campaign encouraging community financial institutions to adopt a
"Fairness First" approach to their overdraft and consumer liquidity
services. The campaign was designed to address industry confusion
caused by the CFPB's recent proposed overdraft rule, and the
flurry of media coverage that followed.
Velocity's campaign illustrates how the only fair approach in
providing consumer liquidity is one that empowers consumers and
allows them to make their own choices—while minimizing risk by
assigning liquidity limits that they have the ability to
repay. Velocity has nearly three decades' experience in this
area, having worked directly with community banks and credit unions
since 1995. Velocity also created the industry's only Consumer
Liquidity Engine™, a suite of solutions providing intelligent
overdraft management, small-dollar consumer lending, Reg. E
education and utilizing the proprietary VelocityScore™ in assigning
liquidity limits. Velocity won a 2022 NAFCU Innovation Award for
its Consumer Liquidity Engine.
Christopher Leonard, Velocity
Solutions CEO, is a recognized authority in this field, having been
invited to provide quotes and articles for industry publications,
participation in panels and speaking engagements for Velocity
clients and partners, and also provides consultative advice
directly to Velocity clients. In addition, Velocity Solutions is
hosting a live Webinar on June 13,
2024 at 2:00 PM ET:
Overdraft & Consumer Liquidity: How to Put Fairness
First. In this Webinar, Christopher will outline best
practices for providing fair, responsible & compliant liquidity
solutions, while breaking down the impact that the CFPB's proposed
rule could have for financial institutions under $10B and over $10B
in assets.
"We and our clients overwhelmingly view the CFPB's action as
positive confirmation that overdraft is here to stay, contrary to
the narrative some are promoting in the financial press," said
Christopher Leonard. "We strongly
believe that overdraft fees need to be separated from functionality
– the functionality of providing liquidity to consumers that need
it is critical. The ongoing debate is focused on the
fees."
"The CFPB proposed rule could potentially harm the most
vulnerable consumers by making the regulated banking system
unaffordable for them, and that's not a scenario that anybody
wants," Leonard continued. "Velocity has advocated for greater
fairness in overdraft for many years, just as the CFPB has. The
reality is that financial institutions have responded positively to
this call to action without the need for regulation. Our goal in
launching this educational campaign is to demonstrate that
community financial institutions can and should make responsible,
sensible changes focused on improving fairness."
In addition to the live webinar, Velocity's "Fairness First"
campaign includes a variety of multimedia educational resources,
including videos, original content, and an infographic illustrating
the top seven ways to make an overdraft program the fairest it can
be. Registrants for the 6/13/24
webinar will receive immediate access to the entire suite of
educational overdraft resources.
To register for the 6/13/24
Webinar, visit www.myvelocity.com/FairnessFirst.
To read about Christopher Leonard's
overdraft credentials, click here.
Media Contact: Beth
Planakis, Director of Marketing, Velocity Solutions:
beth@myvelocity.com
About Velocity Solutions, LLC
Founded in 1995 and
servicing the transaction accounts of over 30 million consumers and
business owners, Velocity Solutions is the leading provider of
technology solutions that drive revenue, service and compliance for
community banks and credit unions. Our Velocity Intelligent
Platform® powers all of Velocity's solutions, using machine-led
intelligence that delivers powerful analytics, manages risk, and
drives revenue, loans, account holder engagement and non-interest
income to our client financial institutions. For more information,
please visit myvelocity.com.
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SOURCE Velocity Solutions, LLC