Newsroom
NAFCU Reg Alert examines CFPB RFI on relationship banking and customer service
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
- the CFPB acknowledges that increasing market concentration in the financial services industry may present challenges in implementing an inclusive relationship banking model.
In addition, the RFI draws attention to increased digitization of banking services and consolidation within the financial sector as possible factors contributing to the erosion of responsive relationship banking models. In a press release issued alongside the RFI, the CFPB noted that its request “is part of a broader effort to restore relationship banking in an era of consolidation and digitization.”
Comments in response to the RFC are due to NAFCU July 8 and can be submitted through the alert; comments are due to the CFPB July 21. Subscribe to receive regulatory alerts in your inbox.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.