CFPB attempting to foster ‘relationship banking’

Attempting to foster “relationship banking,” the Consumer Financial Protection Bureau is seeking comments on how responsive the largest credit unions and banks are to complaints from their members and customers.

“We want to hear from bank and credit union customers about their customer service experiences,” CFPB Director Rohit Chopra said in a speech last week in Montana. “We want to know what information would be helpful for consumers to obtain from their banks.”

He added, “Are they able to obtain it in a timely manner? If not, what are the obstacles? Is this preventing them from achieving their banking goals?”

In letters to the CFPB earlier this year, the two national credit union trade groups said that credit unions were created to provide “relationship banking” to their members.


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