Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies.
The Consumer Financial Protection Bureau’s outline of proposed amendments to the regulation implementing the Fair Credit Reporting Act lacked key details, financial services trade groups said in a joint letter.
While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.
A petition from consumer advocates called for the CFPB to issue a rulemaking prohibiting the use of forced arbitration agreements in consumer financial services contracts. Industry trade groups said prior Congressional action bars the agency from issuing such a rule.
Attorney Chris Willis of Troutman Pepper said lenders may still be able to narrowly tailor the use of immigration status in credit decisions while staying compliant with recent guidance from the CFPB and DOJ.
Banks don’t appear to be doing enough to check the anti-consumer lobbying and litigation efforts of the trade groups that represent them, according to Rise Economy, a California-based nonprofit.
A CFPB working paper found that lender-identified race and ethnicity data on mortgage applications more closely correlates with the probability an individual is of a given race than applications with self-identified race information. The largest differences were for Hispanic and Black applicants.
MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes.
In a new report, the Federal Reserve said nearly 60% of the compliance violations it observed at banks in 2022 were related to reporting under the Home Mortgage Disclosure Act.
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