CFPB launches investigation into large banks’ restrictions on financial services
CFPB Announces New Initiative to Address OCC-Uncovered Debanking by Large Banks
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CFPB announced the launch of a new phase of work to investigate whether large banks restrict financial services based on customers’ political or religious beliefs and lawful business activities. The action targets the 9 large national banks mentioned in an OCC report and covers industries including firearms, oil and gas, and tobacco, while also reviewing compliance with ECOA, FCRA, and UDAAP. CFPB also said it will use consumer complaints, regulatory, and enforcement data to launch investigations and take action when necessary.
The material connects the restrictions on banking services identified in the OCC report with CFPB’s investigative authority and complaint channels, making it easier to understand how political or industry factors can enter the scope of consumer financial enforcement.
Source:CFPB · consumerfinance.gov