Seventy-five percent of consumers still prefer to open checking accounts at a branch, Raddon says.
At the CFPB, a checking account is a right, not a privilege.
As if credit unions didn't have enough regulatory burden already, the CFPB threw another iron into the fire when it hosted an Oct. 8 forum on checking account accessibility.
Senate Majority Whip Richard Durbin (D-Ill.) joins retailers filing briefs urging the Supreme Court to hear the interchange suit.
Will Wal-Mart's new checking account product create a competitive challenge for the financial services industry? A senior financial analyst and a credit union CEO don't think so.
Sen. Dick Durbin (D-Ill.) files an amicus brief with the Supreme Court, arguing for a lower Fed interchange cap.
It's short-sighted for credit unions to dismiss new competition from two giants with loyal customers.
The credit union community allegedly eclipsed 100 million members this year. The figure is bogus, and even the most religious credit union believers know that figure includes not a small amount of double counting from memberships by one person at multiple credit unions and other account structures.
A credit union CEO and a financial analyst say Wal-Mart's new checking account won't directly compete with credit unions.
U.S. District Court Judge John Gleeson ruled July 18 that retailers unhappy with the settlement of a credit card interchange civil suit may continue with a new legal proceeding against major card brands.