Customer data

The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data.

The agency put to rest speculation that it might take the database offline, yet new disclosure statements are meant to combat the notion that a complaint proves a company’s guilt.

The bill, similar to legislation that passed the chamber last year, would permit the inclusion of items such as rent and telecom payments to help consumers build their credit profiles.

The Consumer Financial Protection Bureau received over a quarter-million complaints in 2018, according to analysis by an advocacy group that urged the agency to maintain public access to its database.

The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data.

The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.

The bureau's findings and request for information came after acting Director Mick Mulvaney had cited data security as a flaw at the agency.

Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually.

Other aggregators came to the bank's defense, while one CEO suggested Plaid's very public protest was unfounded.

The agency's acting chief said hundreds of data breaches justified a halt on collecting information from firms, but experts question that logic.

Sen. Elizabeth Warren released a scathing report Wednesday on Equifax's handling of the data breach last year, part of an effort to gain backing for legislation to rein in the credit bureaus.

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.

Some banks are looking at how to translate the complicated and document-heavy mortgage lending process into the digital world of voice-interactive personal assistants.

U.S. Bank has begun using Einstein, Salesforce’s AI software, to give front-line staff insights into customer activity and recommendations. Other banks are likely to add similar tools.

If you borrowed to buy your home, chances are TheNumber knows a good deal about you.

Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints.

Experian and Finicity have released a product that aims to speed up decisions on mortgage applications, using financial data aggregation technology.