NCLC Statement for the Record on Senate Committee on Banking, Housing, and Urban Affairs Hearing on Investigating the Real Impacts of Debanking in America
Bank account access is crucial for participation in the U.S. financial system. Lawful access to bank accounts can be improved by the implementation of the CFPB’s overdraft fee rule, by giving consumers information and remedies when their accounts are inappropriately frozen or closed, and by ensuring that overbroad derisking efforts under cover of Bank Secrecy…