Compliance:  the department of no know.

Compliance tends to get a bad rap for being the team to say no.  However, we like to say we’re more about the know than the no.  Each department has their area of expertise – and while Compliance can’t hold a candle to the creative campaigns the Marketing teams come up with – we get to flex our Type A muscles to help ensure that these materials are following regulatory requirements and avoiding consumer harm.  If something doesn’t quite work in its initial form, we will work on finding a solution to keep the intended message, while also being compliant.  It’s truly a collaboration and team effort!

While working on your marketing materials, here are some key areas to keep in mind:

• UDAAP
• One of the most “gray” areas, as there are no specific can or cannot rules. UDAAP is all about avoiding consumer harm.  And, it’s not only if it has caused consumer harm, but if it’s likely  Always review your materials through the eyes of the audience!
• Regulatory Requirements
• Regulatory rules are meant to protect the consumer. So, while it may not look as pretty to include the necessary disclosures, it helps to ensure the consumer has all of the details to make an informed decision.  Additionally, this reduces risk for the bank, the product, and YOU!
• Accountability
• While not specific to Compliance, accountability falls on the shoulders of everyone. Sunrise provides guides that you are encouraged to follow while creating your materials.  While we are here as a second line of defense to review the proposed pieces, we all have a responsibility to ensure rules and guides are being followed.

It’s important to note that while your materials are one of the first things the consumer may see, compliance certainly isn’t limited to it.  Being compliant will carry a ripple effect throughout your program – through complaints to disputes, and even your reputation.

If you have any compliance related questions, or would simply appreciate feedback on an idea, we are here to help!  Please reach out to your CRM and they will route your inquiry to the appropriate person or team.

Yield Bearing Deposit Accounts

As a valued Partner, we wanted to reach out you and gauge interest in opening a yield bearing deposit accounts at Sunrise.

We understand that competitive rates play a pivotal role in determining where you choose to deposit your funds in an effort to earn a yield and we are positioned to offer highly competitive rates that are indexed to the Effective Federal Funds Rate.

Furthermore, we recognize the importance of FDIC insurance, and have the ability to offer products that provide insurance over $250,000 via CDARS (Certificate of Deposit Account Registry Service) and ICS (Insured Cash Sweep), which would provide comprehensive FDIC insurance coverage on your deposits up to 150 million dollars.

We greatly value our existing issuing relationship and are interested in finding opportunities to continue to engage, grow and provide value-based banking products to our Partnerships.

Please let us know if you have any questions on deposit opportunities and we can discuss in more detail.

Empowering Financial Inclusion for All

We’re partners in business, but how much do you know about the Sunrise Banks fintech mission?

We strive to provide innovative solutions that empower financial wellness and advance financial equity. We provide effective fintech banking solutions by partnering with organizations that reflect our mission of financial wellness and inclusivity.