Comments Due to NAFCU: CFPB - Relationship Banking and Customer Service
NAFCU would like to highlight the following:
- The RFI notes 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.
- The CFPB acknowledges that increasing market concentration in the financial services industry may present challenges in implementing an inclusive relationship banking model.
Comments due to NAFCU: August 8, 2022
Comments due to CFPB: August 22, 2022
NAFCU will send comments on behalf of its members to the CFPB by its deadline (August 22, 2022).