Compliance

ABA: Proposed HMDA Changes Warrant Further Discussion

In a comment letter today, the American Bankers Association provided feedback on the Consumer Financial Protection Bureau’s proposed technical changes to the data lenders are required to collect and report under the final Home Mortgage Disclosure Act Rule (Regulation C).

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Acosta: No Additional Delay for Fiduciary Rule

Labor Secretary Alexander Acosta today announced that the Department of Labor will not delay the June 9 effective date for the fiduciary rule, which greatly expanded the definition of who counts as a “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.

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ABA Expresses Concern about Using Alternative Data for Credit Scoring

Banks are generally open to the idea of using alternative data sources -- such as mobile phone bills and rent payments -- to help consumers establish a credit history, but concerns about compliance, data integrity and other risks stand in the way, ABA said today in a comment letter to the Consumer Financial Protection Bureau.

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