Several organizations have weighed in on the CFPB's proposed changes to prepaid card governance.
The CFPB proposes new disclosure requirements but stops short of mandating deposit insurance.
Bluebird, the new prepaid card product being rolled out by Walmart and American Express, will provide banks and credit unions with additional competition in transaction accounts and technology.
Walmart advanced further into the financial services arena last week with a new product it will offer in conjunction with American Express.
Filene researcher does see increased competition from Amex/Walmart offering, while Latino Community CU, Consumers Union say full-service still needed.
Last fall, 16 secret shoppers visiting branches at some of the nation’s biggest banks found out just how hard it was to close an account.
From fees to close accounts and transfer funds to so-called zombie accounts, some banks are making it harder for consumers to leave.
Technology CU members will determine what they want in their CU's future; Bank of America has fiduciary duty to recoup interchange losses.
When Technology Credit Union posted its announcement that it was exploring a conversion to a mutual savings bank, CUNA and the California Credit Union League made some noise. CUNA CEO Bill Cheney said his organization feels credit unions are the best providers of service to consumers.
The National Consumer Law Center and Consumers Union have urged the NCUA to crack down on what they charge are overly expensive credit union branded payday loan products.