CFPB encourages short-term liquidity options

Posted by W. Barrett Nichols, founder & CEO on Feb 4, 2016 11:46:33 AM
BSG Financial Group appreciates The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray's February 3, 2016  letter to financial institutions regarding alternative products for their customers. We find the suggestions helpful and progressive for assisting customers of any institution who want a "non-traditional" way to manage their funds and avoid problems from fees, overdrafts and other challenges to their needed access to short-term liquidity. It truly is right on point with sound suggestions and something that every financial institution should work to achieve. It clearly states the letter is not in reference to any regulatory requirement, but "simply is a suggestion that I urge you to consider in serving your customers". 
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Topics: Overdraft Protection, CFPB, Underbanked, Checking Accounts, Short-Term Liquidity