The proposed rule is the first of more amendments to the Fair Credit Reporting Act by the bureau, according to industry attorneys.

The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.

CFPB sets likely date for implementation of its payday lending rule; OIG clears CFPB on civil penalty fund activities.

The CFPB issued a proposed rule this week to ban medical debt from credit reports. The debt isn’t an accurate predictor of loan repayment, according to CFPB Director Rohit Chopra.

The Supreme Court’s decision to remand a lawsuit involving preemption back to a lower court leaves the issue unsettled as the high court offered a framework to review preemption rather than bright-line standards.

The new registry includes some exemptions for nonbanks already reporting regulatory and court orders to the NMLS.

The request for information touches on various fees associated with mortgage originations. Trade groups representing lenders are concerned that the CFPB will find that fee-disclosure standards are insufficient.

DTI ratio was a factor in 38.45% of denials of applications for purchase mortgages in 2023.

"The CFPB’s new rule will help law enforcement across the country detect and stop repeat offenders," said CFPB Director Rohit Chopra.

"Companies that are putting bad information on those reports, there needs to be some accountability for them and the ones who are assembling these reports," said CFPB director Rohit Chopra.