The CFPB’s rulemaking efforts to implement consumer financial data access rights under Section 1033 of the Dodd-Frank Act will now include the issue of consumer data portability.
Acre Mortgage and Financial has been accused of failure to make all required disclosures and failure to make a reasonable and good faith determination of the borrower’s ability to repay.
The New York Department of Financial Services wants the CFPB to share with state regulators the data it plans to collect on small-business loans. The NYDFS also wants the final rule to extend coverage to include all minority- and women-owned businesses.
In a new request for input, the bureau has asked consumers to share their experiences with fees charged in connection to their mortgages, deposit accounts, credit cards and prepaid accounts, among others.
While both industry and consumer groups generally support the proposed rule’s objectives, they want the CFPB to reconsider some definitions and reporting of certain discretionary data points.
The banking industry and consumer advocacy groups want regulators to ensure big tech companies operating payment-processing systems provide protections similar to those offered by the banking sector.
During a recent interagency webinar, representatives from eight federal regulators discussed fair lending issues, including initiatives to tackle redlining and how companies can self-regulate.
The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
The guidance will ease fears of over-stepping discrimination provisions for lenders interested in starting SPCPs, which various stakeholders believe hold promise in addressing racial homeownership gaps.
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