Credit reporting

If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.

The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.

The six bills championed by Democrats aim to reduce consumer burdens and provide opportunities for borrowers to rehabilitate their credit, but the legislation has garnered no Republican support.

Financial regulators’ statement cautiously encouraging lenders to go beyond traditional underwriting in their lending decisions is a big step forward for the use of alternative data and artificial intelligence, bankers say.

Casting aside recession fears, the credit bureau predicts credit cards, mortgages, auto loans and unsecured personal loans should all perform well — including those extended by online lenders.

Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data.

A year after the major credit bureaus agreed to strip tax liens and civil judgments from consumers' credit files, a new study says it is hampering lenders' credit decisions. But proponents of the move insist it was the right call.

Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.

A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus.

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.