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 ...
Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.
Subscriber Log In
If you are a current subscriber or already purchased this article, please login below.
This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744