Banking trade groups contend that the Fair Credit Reporting Act shouldn’t be read to hold credit reporting agencies responsible for incorrect information if the data comes directly from a furnisher.

Banking trade groups believe the bureau’s plan to regulate customer service practices is an overreach and could drive consumer distrust in safe and sound financial institutions.

The CFPB is seeking feedback on its plan to revamp the process through which it collects information from credit card issuers on their products.

The head of the Consumer Data Industry Association said in an interview that the rapidly rising complaint count is due to “exogenous” factors. The trend will continue, he said, short of policy action to fix the issue.

Trade groups representing banks used the bureau’s new petition process to ask the regulator to ensure nonbank data aggregators are supervised under the pending Section 1033 rulemaking.

In comments to the CFPB, consumer advocates argued credit card late fees were too high and harmed poorer consumers more. Bank trade associations said the fees are necessary to help issuers pay for their costs and an effective tool to foster healthy financial behaviors among consumers.

Federal Reserve investigation and oversight staffers shared advice for compliance staff at firms pursuing mergers and acquisitions.

The CFPB’s spring regulatory agenda had only one mortgage-related item: automated valuation models. The bureau expects to issue a proposed rule on the matter in December.

In an interpretive rule, the CFPB affirmed states’ ability to enforce fair credit reporting laws that reflect challenges and risks affecting their local economies and residents.

The bureau plans to review a Federal Reserve immunity provision that safeguards credit card issuers from enforcement scrutiny if they set late fees at a particular level.