CFPB: Credit Reporting Guidance During COVID-19 Pandemic Issued

The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments. The Bureau’s statement underscores that consumers benefit if lenders […]

CFPB: Resources for Consumers During COVID-19 Pandemic

The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. “During this difficult time, the Bureau is doing everything it can to facilitate the […]

FHFA: Fannie Mae and Freddie Mac Publish Joint Enterprise Credit Score Solicitation

The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) have published a Joint Credit Score Solicitation.      “The publication of the solicitation is the first step in the process of evaluating new credit score models,” said FHFA Director Mark Calabria.  “FHFA will ensure that the Enterprises […]

HUD: New Report Explores Problem of “Credit Invisibility” Among HUD-Assisted Households

First-of-its-kind study examines reporting rent payments to credit reporting agencies Landlords and property management groups regularly use credit checks to make determinations about renting to potential tenants and many employers incorporate credit checks in hiring decisions. A low credit score or credit invisibility can thusly limit housing choice and employment […]

FDIC: Money Smart for Small Business Credit and Banking Modules Updated

Enhanced tools can help banks support small businesses As part of their ongoing commitment to strengthening bank-community partnerships, the Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) today released two updates to the popular Money Smart for Small Business curriculum. The updated modules focus on banking and credit, and […]

CFPB: Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting

Five Federal financial regulatory agencies today issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The statement from the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Office of […]

ABA: Credit Card Delinquencies Fall as Other Consumer Delinquencies Rise Slightly

Consumer credit delinquencies were mixed in the second quarter, with delinquencies falling for bank cards (credit cards provided by banks) and rising for the composite index of closed-end loans, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in eight of the 11 categories […]

CFPB: FTC, CFPB and States Announce Settlement with Equifax Over 2017 Data Breach

The Consumer Financial Protection Bureau (Bureau), the Federal Trade Commission (FTC), and 48 states, the District of Columbia and Puerto Rico announced a global settlement today with Equifax that would provide up to $700 million in monetary relief and penalties. In a complaint and proposed stipulated judgment filed in federal […]