CFPB Opens New Debanking Push Against Large Banks

The CFPB is acting on debanking findings from the OCC, and new application data shows how credit scores affect secured card approvals.

The CFPB announced a new initiative on October 14 aimed at large banks that cut off customers. Federal bank regulators had uncovered the practice.

CFPB Takes Aim at Debanking

The CFPB announced a new initiative on October 14 targeting debanking by large banks, so account closures face more federal scrutiny.
The effort builds on debanking cases the OCC uncovered, which links two federal regulators on the issue.
The CFPB says the issue is people and businesses losing bank access because of constitutionally protected rights.
The agency calls this the next step in a broader administration push, so more actions on account access may follow.

Source: CFPB Newsroom: CFPB Announces New Initiative to Address OCC-Uncovered Debanking by Large Banks

Secured Card Approvals by Score

New NerdWallet application data shows secured card approval rates broken out by credit score band.
Secured cards are often a first step toward rebuilding credit, so knowing your score band helps you judge your odds.
Checking your score before you apply can help you avoid denials and wasted applications.

Source: NerdWallet: What Credit Score Do You Need for a Secured Credit Card? (Based on Real Applications)

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