The Director of the CFPB offered clarification on his call to action for financial institutions to offer accountsthat can't produce a negative balance during his fifth webinar withthe NCUA on Feb. 9.
NCUA Chairman Debbie Matz hosted Director Richard Cordray duringthe afternoon webinar in which he was quizzed on the agency's callto action and a bulletin warning that inaccurate reporting dataused in the checking account screening process could result inaction by the bureau.
In his opening statement, Cordray said there are nearly 10million people who do not have access to financial services. Headded this is in part a result of the accuracy of the screeningprocess.
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