The House and the Senate have passed a final version of the Fair Credit Reporting Act bill that will expand the use of adverse-action notices.The final bill, crafted in a House/Senate conference committee, permanently extends FCRA and provides consumers with free access to credit reports. Other provisions in the bill are designed to improve the accuracy of credit reports and address the growing problem of identity theft. The measure also requires adverse-action notices in cases where borrowers are not offered the lender's usual interest rate or terms because of their credit score. The lawmakers tried to provide lenders with greater clarity about the timing of these notices. But industry lobbyists are complaining that the legislative language is still too vague and it's up to Federal Trade Commission and the Federal Reserve Board to sort out when a lender should give a notice to a borrower. Nevertheless, lender groups support the FCRA bill because it pre-empts states from enacting tougher privacy and credit reporting laws.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25