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.
Browsing: Credit reporting
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.
ABA: Proposed Legislation Would Degrade Credit Reports
In a memo to members of the House Financial Services Committee today, the American Bankers Association expressed opposition to several bills that would amend the Fair Credit Reporting Act and make changes to the credit reporting process.
GAO Recommends Beefing Up FTC, CFPB Enforcement of Nonbank Data Privacy
To mitigate the risk of data breaches like the Equifax breach in 2017, the Federal Trade Commission should have civil penalty authority to enforce the consumer privacy requirements of the Gramm-Leach-Bliley Act, the Government Accountability Office said in a report today.
ABA Calls for Uniform National Privacy Standards
Ahead of yesterday’s House Energy and Commerce Committee hearing and today’s Senate Commerce Committee hearing — both on data privacy — ABA submitted statements for the record urging lawmakers to enact uniform national privacy standards that preempt the existing patchwork of state laws.