After several years of deliberations on how Fannie Mae and Freddie Mac use credit scores, the Federal Housing Finance Agency last week proposed a new rule on how the government-sponsored enterprises would consider new scoring methods.
As one veteran industry lobbyist explained with a hint of ire: “You’re telling me that a bunch of lame duck Congressmen who lost an election are going to show up on the Friday before Christmas?”
The Consumer Financial Protection Bureau proposed new policies this week regarding no-action letters and the establishment of a “product sandbox.” The proposal aims to help financial services companies develop innovative products. Lauren Saunders, associate director of the National Consumer Law Center, was highly critical of the proposal, claiming that it could “wipe out consumer protection laws for entire industries.” She said the proposal is certain to ... [Includes four briefs]