The CFPB extended the comment deadline on a request for information on (i) the business practices of data brokers and (ii) the collection and sale of consumer information. The new comment deadline is July 15, 2023.
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The Federal Reserve Board, CFPB, FDIC, National Credit Union Administration and OCC proposed risk management guidance for financial institutions on incorporating "reconsiderations of value" for residential real estate transactions.
The CFPB warned that the increased use of chatbots in the banking sector raises risks such as (i) noncompliance with federal consumer financial protection laws, (ii) diminished customer service and trust, and (iii) potential harm to consumers.
In an analysis of deposit insurance coverage on funds stored through payment apps, the CFPB Office of Competition and Innovation and Office of Markets highlighted that U.S. consumers store "billions of dollars" on these apps and that "funds stored in a payment app may be at significantly higher risk of loss for a consumer than if it is deposited in an insured bank or credit union account."
Banking agencies proposed a rule that would require mortgage originators and secondary market issuers to "adopt policies, practices, procedures, and control systems to ensure that automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."