On June 26, the Department of the Treasury and the Consumer Financial Protection Bureau (CFPB) held a virtual roundtable to discuss efforts to enhance access to financial services while safeguarding the U.S. financial system from illicit activities. The event was led by Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and CFPB Director Rohit Chopra, alongside other senior leaders from the Treasury.
Under Secretary Nelson highlighted Treasury's 2023 National De-Risking Strategy, emphasizing concerns over limited financial access. He reiterated that no customer type represents a single level of uniform risk and advocated for a risk-based approach by financial institutions. Nelson also discussed proposed updates to anti-money laundering and countering financing of terrorism compliance programs aimed at enhancing banks' ability to detect illicit activity.
Director Chopra stressed the importance of account access for societal participation, citing obligations under federal consumer financial law. He noted actions taken against unlawful practices in account management, including discrimination cases involving Citi and U.S. Bank. Chopra expressed concerns about third-party data brokers' roles in account closures and called for more collaboration with stakeholders.
Community leaders shared experiences with account denial and closures, highlighting barriers caused by institutional protocols. They raised concerns about inaccurate information used by financial institutions leading to significant harm for consumers.
The roundtable concluded with Under Secretary Nelson inviting comments on the proposed rule for AML programs, while Director Chopra encouraged individuals to report potential discrimination or unlawful practices to the CFPB.
