The CFPB will allow the GSE “patch” to expire as scheduled in January 2021. Industry stakeholders demand a transition plan to avoid a disruption in the market.
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Equifax agreed to pay up to $700 million to settle federal and state claims regarding its massive 2017 data breach. Consumers can file claims to receive cash reimbursement of up to $20,000 per consumer.
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The Government Accountability Office has recommended the CFPB inform the credit reporting agencies its supervisory expectations to help them better comply with the law. Efforts to reform the current credit reporting system continue in Congress.
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While industry groups support the CFPB’s plan to review rules that have significant economic impact on small entities, consumer groups suggest the bureau restrict the plan.
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Lawmakers are seeking ways to better understand and regulate the use of alternative data in underwriting. Asking for express consumer consent and creating sandboxes are considered.
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The CFPB and New York attorney general together fined debt collectors more than $60 million for illegal collection practices in a recent enforcement action.
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The CFPB updated its 2016 advisory notice on elder financial abuse. Though the recommendations are voluntary, companies that fail to comply might become targets of enforcement actions, attorneys warned.
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