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
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
6 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
7 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
7 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
8 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
9 hours ago