Thompson emphasized that “under the new pricing framework, borrowers with strong credit profiles are not being penalized to benefit borrowers with weaker credit profiles. That is simply not true.”
With the Federal Housing Finance Agency working to replace the classic FICO credit score model with the FICO 10T and VantageScore 4.0 credit score models for use by Fannie Mae and Freddie Mac, the agency is seeking public feedback on its implementation plans.
The Consumer Financial Protection Bureau today issued guidance to consumer reporting companies about their legal obligation to screen for and eliminate false data from consumers’ credit reports.
The American Bankers Association is asking House Financial Service Committee members to oppose two bills that would rewrite federal rules on overdraft fees and the use of credit information in determining mortgage loan eligibility.
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.