CFPB exams: Deposit accounts on the radar

March 2017

As the Consumer Financial Protection Bureau (CFPB) continues to conduct examinations on banks’ deposit account practices, we expect to see a greater focus on the use of consumer reporting agencies (CRAs) to screen potential customers - an often overlooked aspect of these accounts. In addition to using CRA reports when deciding whether or not to open a new deposit account, banks are responsible for the accuracy of account information reported to CRAs.

In recent years, banks have enhanced risk management oversight of credit reporting practices for loan accounts, but in our experience have yet to apply the same level of attention to deposit accounts. Accordingly, we recommend that banks proactively review their deposit account screening and reporting procedures to prepare for examinations.

This Regulatory brief describes the CFPB’s expectations for banks’ use of CRAs during deposit account administration and provides recommendations for banks to manage compliance risks ahead of examinations. 

Regulatory brief

A publication of PwC's financial services regulatory practice

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Julien Courbe
Financial Services Advisory Leader
Tel: +1 (646) 471 4771

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