The proposed rule will ensure protections from the Fair Credit Reporting Act apply to sensitive information, including information sold by data brokers.
A provision in the proposed rule that would limit sales of “credit header” information only to users who have a permissible purpose to obtain it would restrict the ability of lenders to advertise mortgage products.
Going by Trump’s first term, the CFPB is expected to continue to regulate by enforcement, but isn’t likely to expand its jurisdiction into questionable areas.
The transaction threshold determining which nonbanks come under the bureau’s supervision has been drastically increased, to 50 million annual transactions from 5 million proposed.
If the overdraft rule is adopted as proposed, banks would materially reduce the amount of liquidity they are able to offer consumers, according to the Consumer Bankers Association.
A four-year partnership committed to expanding financial inclusion in low and moderate income, diverse and underserved neighborhoods will begin in January.