The Federal Housing Finance Agency decided to call off plans to announce a decision regarding alternative credit scores. Some credit-score providers are disappointed. The Fannie Mae and Freddie Mac regulator spent years discussing the topic and months reviewing comments on credit-scoring options after issuing a request for input last year. But it abruptly called off going any further and said it will now focus on implementing credit-score provisions in the recently enacted Dodd-Frank reform legislation. Under the Economic Growth, Regulatory Relief and Consumer Protection Act, which passed in May, the FHFA is required to issue new rules that set standards and approval criteria for how the GSEs validate their credit-score models.
Rep. Maxine Waters, D-CA, is none too thrilled with plans by the Treasury Department and Comptroller of the Currency to open up federal banking charters to fintech firms.
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