a Stand for Industry
were praised as heroes on how we responded during the pandemic. We spent countless hours — oſten around-the-clock — securing loans for the Paycheck Protection Program for our customers and even for businesses that weren’t our customers. Now, in Chopra’s words, we are deceptive and try to pass off junk fees. Funny thing is that we aren’t doing anything differently now than when we were lauded as heroes, but the tone coming out of D.C. has changed.
Our customers certainly believe we are doing something right. According to a survey conducted by Morning Consult for the American Bankers Association:
• nine in 10 Americans with a bank account are “very satisfied” or “satisfied” with their primary bank
• nine in 10 consumers find their bank’s overdraſt protection valuable
• three in four consumers who have paid an overdraſt fee in the past year were glad their bank covered their overdraſt payment
• 54% would oppose a government proposal to prevent banks from offering overdraſt protection, compared to 26% who support a proposal
Tis study was released in early March — well before the CFPB blog post. Did you share this data with your team and your customers? What about your elected officials? We all must be proactive in our outreach when sharing information like this to elected officials. Give specific details about how situations affect our customers. Te relationships
that we built in good times will hopefully help us when the bad times arise. Tat is why it is important to always be building relationships — if you don’t establish these during the good times, it is incredibly difficult to build them when times are tough.
I don’t have a crystal ball to tell me what’s going to happen next. I’m a betting man, though, and I can tell you the insidious rhetoric from agency leaders isn’t stopping any time soon. We can’t afford to sit idly on the bench waiting for the next pounding — we must take a stand now.
MBA’s podcast explores topics relevant and interesting to bankers. Our fun, engaging conversations help you stay ahead of what’s happening in banking. Our Two Cents with MBA is on MBA’s website, iTunes, Apple Podcasts, Google Podcasts and Spotify.
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