As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail banks encouraging them to offer and market “lower-risk” deposit accounts “to help consumers avoid overdrafts,” issuing a bulletin “warning banks and credit unions that failure to meet accuracy obligations when they report negative account histories to credit reporting companies could result in Bureau action,” and releasing new resources to assist consumers in opening and managing check accounts.… Continue Reading
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CFPB postpones field hearing on checking account access to Feb. 3
By Barbara S. Mishkin on
Posted in Deposit Accounts, Regulatory and Enforcement
The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally scheduled for today.
As we previously reported, we expect the hearing to coincide with an announcement by the CFPB of steps it is taking to address concerns raised by Director Cordray in connection with the CFPB’s October 2014 forum on checking account screening policies and practices.… Continue Reading
CFPB to hold January 27 field hearing on checking account access
By Barbara S. Mishkin on
Posted in Deposit Accounts, Regulatory and Enforcement
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. … Continue Reading
Pew continues call for checking account arbitration ban and overdraft limits
By Barbara S. Mishkin on
In its latest report evaluating the checking account practices of the nation’s largest banks, the Pew Charitable Trusts continues to press the CFPB to write new overdraft and other rules for checking accounts.
Pew’s new report, the third report in a series, examines the practices of 45 of the nation’s 50 largest banks by deposit volume and assesses trends among the 32 banks that have been reviewed in all three studies. … Continue Reading
CFPB to hold Oct. 8 forum on checking account screening policies and practices
By Barbara S. Mishkin on
Posted in Deposit Accounts, Regulatory and Enforcement
The CFPB has announced that it will hold a forum on checking account screening policies and practices in Washington, D.C. on October 8, 2014.
Director Cordray is slated to give remarks at the forum and there will also be presentations from consumer groups, federal and local government officials, and industry representatives. … Continue Reading