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 Act compliance do not block law-abiding individuals from opening accounts. At the same time, more rigorous enforcement of BSA requirements can prevent criminals from using accounts to receive stolen money and fuel their criminal enterprises.
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