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CFPB Flags Checking Accounts

The CFPB will review how credit unions use reporting agencies to screen members when they open a checking account.

By Nicholas Ballasy | Updated on October 10, 2014

The CFPB said it will review how credit unions and banks use reporting agencies to screen members when they open a checking account.

In his prepared remarks during a Oct. 8 checking account access and screening forum hosted by the bureau, CFPB Director Richard Cordray was critical of credit unions and banks using consumer reporting agencies to screen for checking accounts. In the speech, he interchanged credit agencies with consumer reporting agencies like ChexSystems, which reports deposit account loss, fraud and NSF activity.

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