Eisen, the operating system for the full account lifecycle, announced that Andrew Degler has joined the company as head of escheatment compliance. Degler has spent 17 years in unclaimed property, most recently with Wells Fargo, where he owned brokerage escheatment rules and co-owned the bank’s escheatment rules. He also co-managed third-party unclaimed property audits and served as one of the firm’s in-house experts on pending and enacted changes to unclaimed property statutes and regulations.

Each state sets its own dormancy periods, notice requirements, and remittance deadlines, and those rules keep changing. In the past year, California, New York, Florida, and Maine have either enacted or proposed changes to their unclaimed property laws. States now hold about $70 billion in unclaimed property, and about 1 in 7 Americans has some waiting, according to the National Association of Unclaimed Property Administrators (NAUPA). When an account goes to the state, the institution loses the relationship and the assets behind it, and the account owner has to file a claim to get their money back.

As head of compliance, Degler will own Eisen’s escheatment rules and guide clients through the complex landscape of unclaimed property.

Among other account lifecycle solutions – tax reporting, customer communications, disbursements, and more – Eisen tracks and applies dormancy rules and statute citations for all 50 states, plus D.C., Puerto Rico, the U.S. Virgin Islands, Guam, and the Canadian provinces of Alberta, British Columbia, New Brunswick and Quebec, and updates them as laws change. Every step runs within the institution’s own approvals and leaves an audit trail. Companies including Adyen, Coinbase, and PeoplesBank use Eisen today; it monitors $16 billion in balances and has kept 31% of eligible accounts from escheatment, compared with a 5% industry average.

“I’ve worked on unclaimed property from just about every side of the coin,” said Degler. “Eisen is where all of that work comes together. I love untangling these rules and staying ahead of the changes, but what I care about most is the person who invested their hard-earned money into the account. Every rule and outreach we get right keeps someone connected to their assets.”

“People move, change names, and go quiet, and every change puts an account owner one step closer to having their money sent to the state,” said Eisen CEO Allen Osgood. “Most institutions build their escheatment list at filing time. We want to reach the owner long before that, and that takes knowing the rules in every state as they change. Andrew has spent 17 years doing exactly that, and I’m excited to have him running it at Eisen.”

Degler began his career in unclaimed property compliance before moving into consulting, including three years at KPMG. While working in consulting, he had the opportunity to collaborate with and learn from some of the industry’s most respected veterans. He is an active member of UPPO and SIFMA and serves on several committees, including as co-chair of UPPO’s Operational Compliance Committee. He holds a Finance degree from the University of Texas at Austin and is based in Denver.