The information request is the 11th issued by the agency since acting CFPB Director Mick Mulvaney in January launched a review to examine the bureau's practices.
Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.
Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information.
HSBC Chief Executive Officer John Flint and Chairman Mark Tucker are considering shrinking the bank's global imprint even further as part of a plan set to be revealed over coming months, according to people with knowledge of the discussions.
Late-payment rates at banks declined in nine out of the 11 consumer loan categories tracked by the American Bankers Association, including credit cards, auto loans and personal loans.
The financial services industry and community reinvestment advocates both praised the Treasury Department’s recommendations for reforming Community Reinvestment Act enforcement.
The central bank is taking a lead role in trying to combat the longstanding problem. A broad study by the Fed aims to measure the extent of payments fraud and to foster more collaboration in thwarting it.
