CFPB Southern and Rural Community Banking Studies

The Consumer Financial Protection Bureau (CFPB) recently issued two reports on financial opportunities and challenges facing Southern communities, specifically related to banking and credit access. CFPB Director Rohit Chopra stated, "The rural South faces distinct challenges when it comes to fair access to banking. Understanding regional differences across the country will help us determine where financial marketplaces can work better for all." The report focused on diversity in the South, lack of bank branches in rural communities, lack of access to certain banking services (such as ATMs), and lack of competitive interest rates in these areas. Continue reading >