In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
The personal loan market is making a resurgence after slowing during the pandemic, according to a report released today by J.D. Power. T
With transactional data, banks can make borrowing smarter and better serve more customers.
ABA offered feedback to the CFPB on a recent outline of proposals under consideration for a joint agency rulemaking to develop quality control standards for the use of computer models, known as automated valuation models.
Total household debt increased by 1.7% to $15.84 trillion in the first quarter of this year, the Federal Reserve Bank of New York reported.
Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve’s senior loan officer opinion survey released today.
The Consumer Financial Protection Bureau today said it would invoke a “largely unused” authority under the Dodd-Frank Act to directly examine nonbank financial services providers. “Given the rapid growth of consumer offerings by nonbanks, the CFPB is now utilizing a dormant authority to hold nonbanks to the same standards that banks are held to,” said CFPB Director Rohit Chopra.
Two reports released today by the FDIC provide data on consumer lending, deposit rates and branch closures in the wake of the COVID-19 pandemic.
Total household debt increased 2.2% in the fourth quarter of 2021, rising by $333 billion to land at $15.58 trillion, the Federal Reserve Bank of New York reported today.
Banks continued to ease standards on commercial, mortgage and personal loan products amid mixed demand, according to the Federal Reserve’s senior loan officer opinion survey released today.