The National Consumer Law Center and Cities for Financial Empowerment Fund released a report Monday that charged consumer reporting agencies such as ChexSystems and Early Warning Services with helping prevent millions of Americans from entering the banking system.
In the report, the National Consumer Law Center led an attack on what it claimed involves some credit unions' use of payday lending.
"Most of us barely notice the critical roles our bank or credit union account plays in our daily lives – using our debit card to purchase something, paying our bills, safely depositing our paychecks," Jonathan Mintz, president/CEO for Cities for Financial Empowerment Fund, said. "Yet, millions of consumers are excluded from this basic tool costing them tens of thousands of dollars over their lifetime, not because of a lack of financial education, but because of little-known and deeply flawed account screening consumer reporting agencies."
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