NAFCU Friday sent members a Regulatory Alert regarding the CFPB’s request for information (RFI) soliciting comment on how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates.
In the Regulatory Alert, NAFCU highlights:
- the RFI shows that consumers in rural areas are more likely to visit smaller banks or credit unions but face decreased banking access due to trends in banking consolidation, which may be a contributing factor to the prevalence of rural banking deserts;
- the CFPB has suggested that some financial institutions may not be offering the baseline level of customer service that consumers reasonably expect; and
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