Consumer Reports letter to the CFPB on the potential risks of savings apps for some users

Consumer Reports evaluated four popular apps that aim to help users build savings for the future.  While these tools can be helpful, CR found that they could end up hurting users’ finances if they don’t fully understand their risks and shortcomings.   CR’s letter calls on the CFPB to take a closer look and make sure users are protected from features that could end up undermining their savings goals.