WASHINGTON— The CFPB has extended the comment deadline for its request for information (RFI) on customer service and relationship banking by 30 days; comments are now due Aug. 22, 2022.
In its analysis of the CFPB announcement, NAFCU said:
- The RFI shows 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
Increased Digitization
The RFI also draws attention to increased digitization of banking services and consolidation within the financial sector as possible factors contributing to the erosion of responsive relationship banking models, NAFCU said.
In a press release issued alongside the RFI, the CFPB noted that its request “is part of a broader effort to restore relationship banking in an era of consolidation and digitization.”
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