Today, the CFPB held a forum to learn more about how consumers are impacted by checking account screening policies and procedures. The CFPB recognizes that checking accounts are one of the most widely used financial products by consumers, but the CFPB has expressed concerns that screening practices may be preventing consumers from gaining access to basic checking accounts.… Continue Reading
checking accounts
CFPB findings on campus banking products portend new limitations
Findings on campus banking products released this past Monday by the CFPB in conjunction with a Banking on Campus Forum held in Washington, D.C. appear to be a harbinger of new limitations on the marketing of these products. The findings were based on comments the CFPB received in response to a January 2013 notice seeking input on a variety of issues with regard to these products, including the information shared between schools and financial institution providers, the way these products are marketed, the fee structures for these products, how marketing arrangements are established, and student experiences with these products. … Continue Reading
Checking accounts to be discussed at CFPB town hall
The CFPB has announced that it will be holding a town hall in New York City on February 22 “to talk about checking accounts.” While the notice contains no information about the issues to be discussed, we expect the focus will be on fees and disclosures. As we previously reported, the CFPB has been urged by Senate Democrats to require standardized disclosures for checking accounts.… Continue Reading