Cordray tells bank CEOs to give more control to consumers

Although he is due to resign next week, Richard Cordray, the director of the Consumer Financial Protection Bureau, still wants his opinion to be heard.

According to American Banker, Cordray sent a letter to 29 chief executives at banks, credit unions and other financial companies, urging them to help consumers have more control over credit cards, debit cards and other payment methods.

“On the eve of my leaving the bureau, I urge you to think creatively about how you can put more control directly in the hands of your consumers,” Cordray wrote. “This will help them as they worry about data breaches, and could help you minimize the incidents of fraudulent use of credit cards and debit cards and other payment methods.”

While banks and FinTech companies are working to strengthen security and protect consumer data after the massive Equifax breach that compromised the personal information of more than 145 million consumers, Cordray has also urged these CEOs in the past to create bank accounts without overdraft features, or to regularly share credit scores with consumers.

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