Before submitting a complaint against a credit reporting agency about inaccurate or incomplete information, borrowers will have to first dispute the information directly with the credit or consumer reporting agency.

The National Consumer Law Center said the proposals will reduce price transparency, create an unlevel playing field and will make homeownership more expensive for consumers.

The new rule codifies financial institutions’ existing obligations under the state antidiscrimination law.

President Trump wants Congress to enact a temporary 10% cap on credit card interest rates, while CFPB actions seem to be causing rates to go up.

CSBS President Brandon Milhorn said the new data standard will help reduce mortgage lending compliance costs, giving companies the flexibility to make more loans.

New York will soon start evaluating nonbank mortgage lenders on how well they meet the credit needs of the communities that they serve.

While innovation and regulation are often thought of as in tension, industry participants suggest that with artificial intelligence, the two factors can work together.

The move clarifies that the Equal Credit Opportunity Act doesn’t prohibit lenders’ consideration of immigration status when evaluating credit applications.

Earned wage access products are no longer subject to the Truth in Lending Act’s requirements, if they meet certain terms laid out in the bureau’s new advisory opinion.

Consumer advocates said the proposed changes will make it even more difficult for underserved markets to access credit, particularly people of color that continue to experience redlining and lending discrimination.