CFPB to credit unions: Checking reporting on our radar

The CFPB issued a bulletin Wednesday warning banks and credit unions that if they fail to meet accuracy obligations when reporting negative account histories to credit reporting companies, the result could be bureau action.

Download and read the CFPB’s compliance bulletin here.

The bulletin stated banks and credit unions must have systems in place to ensure accuracy when they pass on information, such as negative account histories, to checking account reporting or other credit reporting companies.

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