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.
Browsing: Credit reporting
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.
Sens. Crapo, Brown Seek Feedback on Data Privacy
Sens. Mike Crapo (R-Idaho) and Sherrod Brown (D-Ohio) — the chairman and ranking member of the Senate Banking Committee, respectively — today asked for stakeholder feedback on how financial regulators and companies collect, use and protect sensitive consumer data.
Agencies Issue Advisory on Education Loan Rehabilitation Programs
The Federal Reserve and FDIC today issued an advisory on voluntary private education loan rehabilitation programs to alert banks to an amendment to the Fair Credit Reporting Act that was included in the S. 2155 regulatory reform law.
FHFA Proposes New Requirements for Validating, Approving Credit Score Models
As directed by regulatory reform law S. 2155, the Federal Housing Finance Agency today issued a proposed rule to establish new requirements for the validation and approval of credit score models by Fannie Mae and Freddie Mac.
New Credit Score Unveiled Drawing on Bank Account Data
Experian, FICO and Finicity today announced a new credit score, called the UltraFICO score, as part of a bid to ensure that creditworthiness is better reflected through credit scoring.
FHFA Halts Credit Score Initiative
As expected, the Federal Housing Finance Agency announced today that it will not issue a decision this year about updating the credit score models required by Fannie Mae and Freddie Mac.
Scoring Your Customers: How Often Is Enough?
A consumer’s most recent score is the most predictive, according to recent research.