Federal agencies warned that lending to non-work-authorized individuals presents elevated credit risks because their ability to generate income and maintain employment may be subject to greater uncertainty.

Former CFPB enforcement leaders launch law firm; Democrats question CFPB complaint portal changes; New California agency led by former CFPB Director Rohit Chopra launches.

Brian Johnson said he would prioritize protecting consumers, promoting accountability by ensuring the bureau acts prudently and within its statutory limits, and modernizing CFPB operations.

The Structured Finance Association asked NAIC to work with existing supervisory authorities responsible for oversight of rating services to avoid creating duplicative oversight obligations.

At a hearing by the House Financial Services Committee, Vought defended his actions to rein in the CFPB and called for additional reforms by Congress.

In his first appearance before Congress as CFPB acting director, Russell Vought argued that changes to the CFPB were necessary as the bureau was “out-of-control.”

The Federal Reserve is poised to issue a final rule adjusting requirements under the Community Reinvestment Act. It’s unclear if the Fed’s final rule will be issued jointly with the OCC and FDIC.

The guidance was in response to a May 19 executive order regarding risks to the financial system from individuals not authorized to work in the U.S.

The Fair Credit Reporting Reseller Accuracy Act aims to reduce litigation for credit resellers.

If enacted, the Fair Credit Reporting Reseller Accuracy Act would ensure that credit report resellers report data to the “maximum accuracy possible.” The bill has bipartisan support.