As per a 2010 federal law, big banks and credit unions with more than $10 billion in assets are required to provide “complete and accurate” account information when requested by the accountholders.
The CFPB says it became aware of banks charging fees for these requests after “market monitoring and the public’s comments about large banks’ customer service”.
The regulator points out that as large banks “shift away” from a relationship banking model that values high customer service, it has issued the advisory opinion to make it clear that people are entitled to get the basic information they need without having to pay junk fees.
