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.
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. 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.
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.
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.
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.
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.
A consumer’s most recent score is the most predictive, according to recent research.
…and more insights from ABA’s Compliance Center Inbox in the May/June issue of the ABA Banking Journal.
In comments to the Consumer Financial Protection Bureau today, ABA and the Consumer Bankers Association urged the CFPB to provide more guidance to banks on acceptable communications about credit scores and how they are used.