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.
Providing mainstream financial services to the unbanked is a noble effort. Just ask the thousands of credit unions that serve this market, and the thousands more that offer second chance checking accounts.
But rather than sing the praises of credit unions, CFPB Director Richard Cordray criticized them, shaming the practice of denying checking accounts due to negative records.
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