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Wednesday, February 3, 2016

CFPB: Checking Account Access

The CFPB announced taking steps to improve checking account access amidst Bureau concerns that consumers lack account options and receive inaccurate information used to screen potential customers. The CFPB sent a letter to the 25 largest retail banks encouraging them to make available and widely market lower-risk deposit accounts that help consumers avoid overdrafting and issued a warning that failure to meet accuracy obligations when reporting negative account histories to credit reporting companies could result in action. The Bureau is also providing consumers with resources to help navigate the deposit account system.

CFPB Director Richard Cordray made prepared remarks at a field hearing in Louisville regarding checking account access.
The CFPB is in a unique position to make a difference…We are the only federal financial regulator with the authority to supervise both the larger depository institutions and the larger consumer reporting agencies for compliance with federal consumer financial law. Thus we can consider and address these issues comprehensively, engaging directly with both sets of industry participants.

Read more.
Director Cordray’s comments.

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