While deposit account fraud can happen at any time, it is particularly likely to occur during times of economic stress. COVID-19 scams targeting deposit accounts are already running rampant; deposit litigation in response to these scams is certain to increase in the coming months. On Wednesday, April 15, 2020, from 12 p.m. to 1 p.m.
deposit account
CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers
By Barbara S. Mishkin on
The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area. The CFPB began taking bank account or service complaints on March 1, 2012.
As noted below, the report indicates that consumers commonly complain about the use of…
CFPB announces steps to improve checking account access
By Barbara S. Mishkin on
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…