After dropping sharply in March, new mortgage applications spiked while other consumer credits struggled to find their footing, according to new research from the CFPB.
The Federal Trade Commission voted 3-1-1 to fine Texas-based Ascension Data & Analytics for failure to ensure its vendor was adequately securing consumers’ personal data.
Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.
The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.
Much of the conversation over the past few weeks following the election of Joe Biden to the White House has focused on the bureau’s mortgage-related actions.
The CFPB halts reorganization of its supervision, enforcement and fair lending division; the bureau refuses to rescind a policy regarding credit reporting agencies.
The CFPB is asking stakeholders about the possible scope of data that consumers should be allowed to share via authorized third parties, and how much data should be considered “protected” subject to security and privacy concerns.