Saturday, September 24, 2022
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CFPB report shows importance of physical community banks in rural areas

Many rural communities face challenges with online-banking options and internet access, leading to heavy reliance on physical bank locations. The CFPB reported a data spotlight on April 19 highlighting the challenges faced regarding rural banking access in areas referred to as ‘banking deserts’.

The report looks at how the situation of rural banking customers is unique, and outlines the CFPB’s analysis and response to the data. Topics covered include access to online-banking services, ability to pay bills, credit scores, access to necessary medical care and likeliness to submit customer complaints to the CFPB based on location.

A key focus of the report is the dependance on physical branches by rural banking customers in comparison to customers and banks located in metro areas. To read the full CFPB report and learn more, click here.