May I Send Adverse Action Notices to Joint Applicants at the Same Mailing Address—Even if They Reside at Different Addresses?
. . . and other questions and answers from the March/April 2021 ABA Regulatory Policy and Compliance Inbox.
Browsing: Credit reporting
CFPB Task Force Releases Report on Improving Consumer Protection in Financial Marketplace
The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial law today issued an…
Mortgage Forbearance in the Age of COVID-19
COVID-19 forbearance programs—and the rules, regulations and requirements that govern them—present a host of new and unique compliance challenges for mortgage servicers.
CFPB Study Finds Mixed Results for ‘Credit-Builder’ Loans
The Consumer Financial Protection Bureau today released a study of the effects of so-called credit-builder loans on credit scores.
ABA: House Bill Would Undermine Usefulness of Credit Reports
In a letter to House leadership today, the American Bankers Association expressed its opposition for H.R. 5332. Introduced by Rep. Josh Gottheimer (D-N.J.), the Protecting Your Credit Score Act of 2020 is scheduled to be considered this week.
CFPB Reports Declines in Credit Inquiries During Coronavirus Pandemic
Credit applications—as measured by the number of credit inquiries—fell significantly in March during the early days of the coronavirus pandemic in the U.S., according to a new report issued by the Consumer Financial Protection Bureau today.
When Can I Pull A Credit Report on an Existing Loan Customer?
…and other answers to your compliance questions in the May/June 2020 ABA Regulatory Policy and Compliance Inbox.
House Passes ABA-Backed Bills to Support MDIs
The House Financial Services Committee today unanimously approved two ABA-supported bills intended to address the decline in minority depository institutions and create opportunities for community development financial institutions.
ABA Raises Concerns Over New Credit Reporting Bill
A new bill—H.R. 5332, introduced by Rep. Josh Gottheimer (D-N.J.)—could make credit reports less predictive and useful while weakening the credit underwriting process and increasing costs for borrowers, the American Bankers Association said in a letter to House Financial Services Committee leaders.
House Financial Services Committee Advances Credit Reporting Bills
The House Financial Services Committee last night approved several bills that would amend the Fair Credit Reporting Act and make changes to the credit reporting process.