As the Federal Housing Finance Agency considers how to transition to a new credit score model or models—as required by the 2018 S. 2155 law—ABA and several other financial trade groups urged FHFA to provide the industry with “additional data, a detailed transition plan that is subject to stakeholder input and ample time for any transition.”
OCC is working to find nontraditional ways to establish a good credit history for those with no credit.
. . . and other questions from the ABA Regulatory Policy and Compliance Inbox for November/December 2020.
The Consumer Financial Protection Bureau today released a study of the effects of so-called credit-builder loans on credit scores.
Santander Bank is helping to bring awareness to domestic abuse. In particular, the bank is helping victims to overcome two daunting obstacles that can often prevent victims from leaving an abusive situation: learning about finances and establishing their own credit history.
Fannie Mae and Freddie Mac have published a joint solicitation seeking applications from credit score model developers, FHFA announced today.
As expected, the Federal Housing Financial Agency issued a final rule—as directed by the S. 2155 regulatory reform law—establishing new requirements for the validation and approval of credit score models by Fannie Mae and Freddie Mac.
Liens and judgments aren’t reflected in credit scores, but customers who have them pose increased credit risk.
…and more insights from ABA’s Regulatory Compliance and Policy Inbox in the next issue of the ABA Banking Journal.