Four bills dealing with credit reporting were passed last Thursday by the House Financial Services Committee.  While there has been bipartisan support for credit reporting reform, none of the bills received any Republican votes.

The bills, which are listed below, would make various amendments to the FCRA, including those described below:

On June 27 the Senate passed the Gold Star Spouses and Spouses of Injured Servicemembers Leasing Relief Expansion Act as part of the Fiscal Year 2020 National Defense Authorization Act (see Sec. 6007). If it becomes law, the bill would amend the SCRA to allow spouses of servicemembers killed or injured during service to terminate

The Consumer Education Foundation, a California-based nonprofit consumer advocacy organization, has filed a petition with the FTC asking it to investigate the use of “secret surveillance scores” in the U.S. marketplace.

Such scores are claimed to be the product of analytics companies that “amass thousands or even tens of thousands of demographic and lifestyle data

A group of 20 education organizations and individuals have sent a letter to the leaders of the House Financial Services Committee and Senate Finance Committee urging Congress to pass legislation that would provide a legal framework for colleges and universities and other education providers to offer income share agreements (ISAs) to students.  The individuals signing

On July 25, 2019, from 2:00 p.m. to 3:00 p.m. ET, the FDIC and CFPB will co-host a webinar to outline strategies to address and prevent elder financial abuse.

The webinar will focus on the benefits of collaboration between financial institutions and law enforcement and the challenges involved in detecting and preventing elder financial abuse,

The FTC has issued a final rule to implement a 2018 amendment to the FCRA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act that requires nationwide consumer reporting agencies  (CRAs) to provide free electronic credit monitoring service for active duty military consumers.  The rule will be effective 30 days after its publication

This week, Congress will be holding a hearing focused on fintech and two hearings at which artificial intelligence (AI) will be the focus.

Fintech:

Tomorrow, June 25, the House Financial Services Committee’s Task Force on Financial Technology will hold a hearing titled, “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation.”

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Importantly, the highlights include anonymized 2018 exam findings regarding violations of consumer protection laws and other information to help financial institutions stay abreast of issues and trends identified during exams and assist them in

The U.S. Department of Justice announced last Thursday that it had reached an agreement with First Merchants Bank, an Indiana state-chartered bank, to settle the redlining lawsuit that the DOJ filed against the bank on June 13, 2019 simultaneously with a settlement agreement and agreed order.

The agreement represents the second fair lending settlement