The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016.
In October 2014, the CFPB held a forum on checking account screening policies and practices. In his remarks, Director Cordray raised concerns about the accuracy of the reports obtained by banks and credit unions from specialty consumer reporting agencies that are used to determine whether to open a checking account for new customers. He also raised concerns about the ability of consumers to access these reports and dispute incorrect information and about how the reports were being used.
Given the CFPB’s history of using field hearings as a venue for announcing new developments, we expect the January 27 hearing to coincide with an announcement by the CFPB of steps it is taking to address these concerns.