The changes will allow credit reporting agencies to address complaints in a standardized manner, enhance identity protections for both companies and consumers, and align the complaint process to the bureau’s statutory obligations.
The bureau said the guidance conflicted with the amended ECOA Regulation B rule, which among other changes sets strict conditions for lenders to be able to offer special purpose credit programs.
In addition to deleting press releases, testimonies and speeches published before February 2025, the CFPB removed a website translation tool that allowed users to access information in several non-English languages.
Josh Silver, a senior fellow at the National Community Reinvestment Coalition, said more sophisticated data software now available should allow lenders to facilitate data collection.
A California district court dismissed certain claims under the Comprehensive Computer Data Access and Fraud Act, finding that the plaintiff lacked standing.
Housing costs are now routinely eating up 40% of household budgets, making the path to homeownership more difficult for individuals under 35 years old.
A number of nonbanks involved in the ABS market have opted for bank charters in recent years. The capital requirements and oversight that come with that status will benefit nonbank ABS, Moody’s said.