CFPB, Federal Agencies, State Agencies, and Attorneys General
The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an “Interagency Statement on the Use of Alternative Data in Credit Underwriting.”
The statement sets forth the agencies’ recognition of the benefits of using alternative data (AD) in credit decisions. For purposes of the statement, AD means “information not typically found in…
In this podcast, we are joined by Tom Vartanian, who leads the Financial Regulation & Technology Institute of George Mason University Antonin Scalia Law School, to discuss his proposal for the President and Congress to establish a National Financial Technology Commission. The issues we examine include the security and other risks financial institutions face from…
The U.S. Supreme Court has scheduled oral argument in Seila Law on March 3, 2020.
The question presented in Seila Law’s petition is whether the CFPB’s single-director-removable-only-for-cause structure violates the separation of powers in the U.S. Constitution. In its Order granting Seila Law’s certiorari petition, the Supreme Court directed the parties to also brief and…
The CFPB and FTC announced the issues that the panels will discuss at the workshop on accuracy in consumer reporting that the agencies will co-host on December 10, 2019.
The workshop will examine issues affecting the accuracy of traditional credit reports as well as employment and tenant background screening reports, including changes in legal requirements…
The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide secured auto financing for purchase transactions. (The DoD’s agenda was filed as part of the Fall 2019 Unified Agenda of…
The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents.
There are two types of applications available: (1) a short “form” for “Federal Contractors” who hold a contract awarded by the U.S. Secretary of Education to service federal student loans; and (2) a…
The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the applicant’s spouse during the marriage have responded to the motion to dismiss their lawsuit filed by the Commissioner…
On November 22nd, the CFPB issued a press release announcing that a stipulated final judgment and order (Order) were filed in the U.S. District Court for the Southern District of New York against Sterling Infosystems, Inc. (Sterling) to resolve allegations that the employment background screening company violated the Fair Credit Reporting Act (FCRA). The CFPB’s…
The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget. It represents the CFPB’s second rulemaking agenda under Director Kraninger’s leadership. The agenda’s preamble indicates that the information in the agenda is…
The OCC and FDIC issued proposed rules this week intended to eliminate the uncertainty created by the Second Circuit’s decision in Madden v. Midland Funding. In that decision, the Second Circuit held that a nonbank that purchased charged-off loans from a national bank could not charge the same rate of interest on the loan…
