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Credit union experts were hesitant to criticize a CFPB plan to review credit union checking account screening, but emphasized screening is needed to prevent fraud and other losses.

On Wednesday, CFPB Director Richard Cordray said the bureau will review financial institution use of consumer reporting agencies like Chex Systems when screening checking account applications. He also said in his prepared remarks he was concerned by reports banks and credit unions disqualified consumers for checking accounts due to certain consmer reporting records, which the CFPB later clarfied to be involuntary account closures and excessive NSF activity.

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