Schneiderman said the agreement is part of an ongoing investigation by his office into large banks’ use of customer history databases. The CFPB also reported that it is reviewing this kind of activity.
ABA expressed caution about limiting use of these databases. ABA SVP Nessa Feddis said:
Just as a credit report helps banks determine whether to issue a loan, checking history databases help banks ensure that customers are offered the kind of financial products that work for them.