Rise Economy, a California-based nonprofit, has threatened to take legal action to block the OCC and FDIC proposal to revise Community Reinvestment Act requirements.

The draft CFPB Reform Act, which is backed by CFPB Acting Director Russell Vought and House Republicans, seeks to bring the agency under the appropriations process, among other reforms.

The bureau has called for feedback regarding the TILA-RESPA Integrated Disclosure rule, issues involving reverse mortgages and fee disclosure tolerance thresholds.

The CFPB is planning a number of rulemaking activities across financial sectors. Many of the actions aim to reduce regulatory burdens.

If enacted, the Fair Credit Reporting Reseller Accuracy Act would ensure that credit report resellers report data to the “maximum accuracy possible.” The bill has bipartisan support.

The regulation goes beyond subjecting traditional buy now, pay later lenders to underwriting requirements.

New technologies and poor data management have caused an increase in legal challenges for mortgage originators.

The bureau said the guidance conflicted with the amended ECOA Regulation B rule, which among other changes sets strict conditions for lenders to be able to offer special purpose credit programs.

The act directs the CFPB to conduct studies on the impact of points and fee thresholds and LO compensation on small-dollar loans.

Josh Silver, a senior fellow at the National Community Reinvestment Coalition, said more sophisticated data software now available should allow lenders to facilitate data collection.