CFPB Opens Request for Comment on ‘Relationship Banking’

The bureau is seeking public comment regarding “relationship banking and customer service” to determine what information would be helpful for consumers to be able to obtain from their banks.

06/21/2022 10:15 A.M.

1.5 minute read

A public comment request on “relationship banking” announced by the Consumer Financial Protection Bureau during last week’s bank town hall is now open and published on the Federal Register.

The CFPB is seeking public comment regarding “relationship banking and customer service” to determine what information would be helpful for consumers to be able to obtain from their banks.

“This new banking landscape has completely changed the way we all save our money, apply for credit, and live our financial lives,” CFPB Director Rohit Chopra said in his prepared remarks at the town hall. “It has presented challenges for many, but it has been particularly hard on rural America. Consolidation and new banking models happened at relatively the same time that many rural communities lost access to local banks.”

The CFPB is seeking comments from the public related to relationship banking and how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates. Comments are due by July 21 and may be submitted using Docket No. CFPB-2022-0040, by any of the following methods:

  • Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
  • Email: [email protected]. Include Docket No. CFPB-2022-0040 in the subject line of the message.
  • Mail/Hand Delivery/Courier: Comment Intake—Relationship Banking, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, D.C. 20552. Please note that due to circumstances associated with the COVID-19 pandemic, the CFPB discourages the submission of comments by hand delivery, mail, or courier.

The CFPB’s town hall at Montana State University June 14 covered banking resources for consumers in rural areas, medical debt and the impact of regulations on small businesses, among other topics, ACA International previously reported.

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