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 […]

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 […]

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 […]

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 […]

ABA: 6 Tips for Spring Cleaning Your Finances

With the arrival of spring, the American Bankers Association is encouraging consumers to add a very important item to their spring cleaning to-do list: organizing their finances. To help, ABA has highlighted six tips for rearranging your financial house.   “Spring is the season of renewal, which means it’s time to sweep […]

CFPB: New Credit Monitoring, Medical Debit Restrictions and Mortgage Protections for Servicemembers and Veterans

Free credit monitoring, medical debt credit reporting restrictions, and mortgage protections for those recently back from active duty In May 2018, new protections for servicemembers and veterans were signed into law . The Federal Trade Commission (FTC) and the Bureau previously highlighted the new federal law that went into effect […]