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Volume 25 - Number 21

October 13, 2014

CFPB Eyeballing Checking Account Screening, Special Credit Reports

The CFPB is scrutinizing the way financial institutions screen potential new checking account customers, including the specialty credit reports they use to evaluate them, the agency revealed at a public forum last week. “The bureau has three areas of concern. First, we are concerned about the information accuracy of these reports,” said CFPB Director Richard Cordray. “Second, we are concerned about people’s ability to access these reports and dispute any incorrect information they may find. Third, we are concerned about the ways in which these reports are being used.” The CFPB identified some possible steps to improve checking account screening policies and practices, such as increasing the accuracy of data furnished to and reported by consumer reporting agencies. The bureau also expressed interest in identifying how ...

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