On February 3, 2016, the Consumer Financial Protection Bureau announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make available and widely market “lower-risk accounts that help consumers avoid overdrafts”; (b) warning banks and credit unions that failure to meet accuracy obligations when reporting negative checking account histories to consumer reporting agencies could result in Bureau actions; and (c) providing consumers with several consumer guides to help them navigate the deposit account system.
Read our client alert.