The Securities Industry and Financial Markets Association and the Structured Finance Association have urged the U.S. Supreme Court to weigh in on the lawsuit involving the CFPB and student loan ABS.
In an amicus brief submitted by the bureau, the regulator distinguished the purposes of the Truth in Lending Act’s repayment disclosure requirements for open-end lines of credit, helping two banks prevail in court.
Consumer advocates and fintechs believe artificial intelligence can help improve fair lending practices, but federal regulators need to take action so lenders will follow suit.
Debt collectors collecting on already-paid medical bills, bills that contain false or incorrect medical charges or bills that exceed federal and state limits are in violation of the Fair Debt Collection Practices Act, the CFPB reminded servicers.
Additional guidance on nonbank registry; student loan ABS settle with CFPB; mortgage servicers file appeal; CFPB releases webpage for open banking standard setter applications; inflation adjustment for higher-priced mortgages.
Industry players had raised concerns that the original proposal would have been too broad and included misconduct that didn’t affect safety and soundness.
Newly published comment letters show that housing and community advocacy groups support FHFA’s plan to use member incentive programs to encourage more mission-oriented lending by the FHLBanks.
Researchers compared the performance of borrowers with a credit score from FICO 10 T with previously unscoreable borrowers who are given a score based solely on traditional credit bureau data.
Because deposits at the Federal Reserve don’t earn interest, FHLBanks’ use of IBDAs at large banks with high credit has expanded over the last few years. FHFA wants to give those deposits a capital treatment equivalent to that given to overnight Fed funds sales.
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