CFPB

With days ticking down for lawmakers to overturn the Consumer Financial Protection Bureau rule, some are now questioning the statistics used to challenge the bureau’s data.

The Consumer Financial Protection Bureau made it clear that consumers own their financial data and can share it with apps of their choice. Now it’s up to the industry to resolve thorny issues on liability and accountability.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

The non-binding guidance, which followed a nearly yearlong inquiry about industry practices, said consumers should have greater ability to obtain information about their financial data, among other principles.

Cybersecurity and breach notification procedures have caught the most public attention following the massive hack at Equifax, but lawmakers are also interested in the accuracy of credit reports.