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CFPB on Wednesday urged the nation's 25 largest retail banks to offer lower-risk deposit accounts to "help consumers avoid overdrafting" and issued a bulletin reminding banks and credit unions of the accurate-reporting requirements of the Fair Credit Reporting Act.

Later Wednesday, CFPB held a field hearing in Louisville, Ky., on access to checking accounts for the underbanked.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt responded to CFPB's announcement saying the association supports arming consumers with information to help them make sound decisions about checking and other financial services. She also noted that credit unions already offer the types of accounts and information CFPB pushed in Wednesday's statements.

"Credit unions remain the best choice for consumers seeking low- or no-fee checking, and the majority of those offering overdraft services also offer alternatives such as overdraft lines of credit and linked savings accounts," Hunt said.

NAFCU's response was covered by Credit Union Times and CUInsight.

The field hearing focused on the need for banks and credit unions to develop financial products for consumers who don't have access to traditional checking or share accounts.

The hearing was moderated by CFPB Acting Deputy Director David Silberman, and it began with remarks from Director Richard Cordray on the importance of reaching out to unbanked consumers.