On February 16, 2017 the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) on the potential use of alternative data and modeling techniques in the credit process. The goal of the CFPB’s inquiry is to explore options that will expand access to credit for consumers who are credit invisible or who lack enough credit history to obtain a credit score. In May 2015 the CFPB released “Data Point: Credit Invisibles” which was […]
Category: Fair Credit Reporting Act
WORKS IN PROCESS
“For the rest of this year and the next, our rulemaking agenda at the Consumer Bureau will remain quite active.” Director Richard Cordray recently stated. So what can we expect to see from the CFPB? The agency is working on new or revised rules for: Overdraft fees, including the opt-in process for overdraft coverage of electronic transactions; Collection and publication of data on small business lending (The Dodd-Frank Act required final rules by July 21, […]
CFPB SEMI-ANNUAL AGENDA
Recently the CFPB published the Fall 2015 version of its Semi-Annual Agenda. As expected, it is full of changes that will occupy us for years to come. Arbitration – The CFPB is in the early phases of the rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans and various other consumer financial products or services. The agency may prevent companies from using these agreements […]
REVISED INTERAGENCY FCRA EXAM PROCEDURES
On June 1, 2012 the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council released revised Interagency Examination Procedures for the Fair Credit Reporting Act. The revised examination procedures reflect recent amendments to the FCRA pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act revised sections 615(a) and 615(h) of the FCRA to require disclosure of credit scores and information relating to credit scores in: […]