The House Financial Services Committee, as part of the congressional budget process, this week voted on its budget views and estimates for fiscal year 2018, with an eye on changing the Dodd-Frank Act, the Consumer Financial Protection Bureau, and Fannie Mae and Freddie Mac. The committee’s report is intended as guidance for the House Budget Committee as it crafts its FY2018 budget legislation but is not binding. In reference to Dodd-Frank, the HFSC Republicans’ budget document stated...
The CFPB recently issued a request for information into ways to expand access to credit for consumers who are “credit invisible,” that is, those who don’t have enough credit history to generate a credit score. The bureau issued the RFI to drum up public feedback on “the benefits and risks of tapping alternative data sources such as bills for mobile phones and rent payments to make lending decisions about consumers whose lack of credit history might otherwise block opportunities.” According to the CFPB, there are 26 million Americans who are credit invisibles. “Another 19 million consumers have a credit history that has gone stale, or is insufficient to produce a credit score under most scoring models,” said the agency. The ...
Another Trump Executive Order Targets Regulatory Red Tape. Late last week, President Trump signed another executive order focused on government regulations – this one requiring every agency to establish a regulatory reform task force to eliminate red tape. ... ABA Offers CFPB Some Suggestions to Protect Shared Consumer Data. The American Bankers Association recently had some advice for the CFPB for protecting consumers’ financial information that is being voluntarily shared with third-party data aggregators....
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