Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, the agency has not filed an enforcement action or sent a Department of Justice referral on a fair-lending violation in two years.
Alternative data "may improve the speed and accuracy of credit decisions and may help firms evaluate the creditworthiness of consumers," the agencies said.
The high court scheduled oral arguments on March 3 in the lawsuit dealing with a president's ability to fire the head of the Consumer Financial Protection Bureau.
Democratic Senators Elizabeth Warren and Sherrod Brown want the Consumer Financial Protection Bureau to examine allegations of bias against women who applied for an Apple credit card underwritten by Goldman Sachs.
Democracy Forward filed the lawsuit Monday against the consumer bureau, Director Kathy Kraninger, the U.S. Department of Education and Education Secretary Betsy DeVos.
Fannie Mae and Freddie Mac’s exemption from the Qualified Mortgage rule is on borrowed time, but a House bill would allow lenders to use the mortgage giants’ guidelines for documenting borrower income.
At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.
