Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
N.Y. Probes Big Banks On Denial Of Checking And Savings Accounts
ALBANY, N.Y. (8/5/13)--New York Attorney General Eric T. Schneiderman's office is probing six large banks about their use of credit-reporting databases that disqualify people seeking to open a checking or savings account (The New York Times DealBook Aug. 1).
 
Schneiderman sent letters to banks including Bank of America and JPMorgan Chase, said the Times. The letters request information about their use of little-known private databases and how lenders decide whether to accept a customer.
 
With the ranks of the unbanked increasing--roughly 10 million U.S. households are unbanked-- many people are blacklisted from the mainstream financial system for years for making a small overdraft or bouncing a check, said the Times (July 30).
 
The banks said the databases help them unearth fraud, and that a single mark from a database such as consumer credit reporting firm ChexSystems would not keep someone from obtaining an account.


RSS print
News Now LiveWire
In just over a year, @SaveToWinWA generates more than $1M of savings in 6 #creditunions http://t.co/rszMd0SZVv
12 hours ago
Even the pest guy is a cybersecurity risk: http://t.co/Tqq4qfOgcq
13 hours ago
.@SCTelco_FCU among best places to work in S.C. via @TheCCUL http://t.co/PJnjOArfm8
15 hours ago
#IceBucketChallenge in D.C. today: @HampelBill with help from some @CUNA staff http://t.co/3iOqE2KSjd
15 hours ago
P2P mobile payments draw millennials' interest via @BloombergNews http://t.co/uoO2anjCsV
17 hours ago