CFPB: Annual List of Consumer Reporting Companies Released
Updated list names financial surveillance companies that people can use to access their own files and sue if they violate the Fair Credit Reporting Act Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies dozens of specialty reporting companies that collect and sell access to people’s data,…
ABA: Credit Market Expectations for Businesses and Consumers Confirm Solid Economic Outlook
Bank economists expect credit conditions to continue improving for both consumers and businesses over the next six months, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for credit markets produced by ABA’s Economic Advisory Committee…
Federal Reserve: Household Survey Shows Sustained Rise in Reported and Expected Spending Growth
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2021 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals’ experiences and expectations regarding household spending. The survey shows a continued rise in monthly household spending growth, with spending growth moving well above pre-pandemic levels. However, the…
EDA: $3 Million in CARES Act Recovery Assistance Invested to Capitalize Revolving Loan Fund to Serve Small Businesses in South Central Louisiana
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to the South Central Planning and Development Commission, Houma, Louisiana, to capitalize and administer a Revolving Loan Fund. This grant will provide gap financing to small, local businesses in…
CFPB: Agency to Examine Colleges’ In-House Lending Practices
CFPB Publishes Oversight Protocols for Institutional Student Lending Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As…
CFPB: New Bulletin Issued to Prevent Unlawful Medical Debt Collection and Credit Reporting
New Law Limits Surprise Medical Bills The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No…
FHFA: Targeted Increases to Enterprise Pricing Framework Announced
Upfront Fee Adjustments for High Balance Loans and Second Home Loans to Take Effect April 1, 2022 Today, the Federal Housing Finance Agency (FHFA) announced targeted increases to Fannie Mae and Freddie Mac’s (the Enterprises) upfront fees for certain high balance loans and second home loans. High balance loans are mortgages originated in certain designated…
CFPB: New Report Released Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus
Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response…
HUD: Disaster Assistance Announced for Colorado Disaster Survivors
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for areas in Colorado affected by straight-line winds and wildfires from December 30, 2021, and continuing. On January 1, President Biden issued a major disaster declaration to make Federal funding available to affected individuals in Boulder County, Colorado. Federal funding,…
Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm and Community Development Lending Data
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2020. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The…