WASHINGTON — The Consumer Financial Protection Bureau stepped up efforts Wednesday to encourage banks to offer simple checking and savings accounts, but many institutions said they are already taking steps to try to reach the underbanked.

The CFPB sent a letter to the 25 largest retail banks calling on them to offer accounts without overdraft features and advertise them more widely, while expressing concerns about the industry's reliance on third-party data aggregators to determine whether a consumer can open an account.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.