Here. Excerpt: Community groups across the U.S. are mobilizing to oppose a plan by President Donald Trump's bank regulators to radically remake a landmark law designed to combat discriminatory lending, saying the proposal would undercut that goal. * * * The groups say the proposed regulation, which Otting released jointly with the FDIC on Dec. […]
Category Archives: Credit Reporting
Jessica LaVoice and Domonkos F. Vamossy, both of the University of Pittsburgh's Department of Economics, have written Racial Disparities in Debt Collection. Here is the abstract: A distinct set of disadvantages experienced by black Americans increases their likelihood of experiencing negative financial shocks, decreases their ability to mitigate the impact of such shocks, and ultimately […]
by Jeff Sovern Norm Silber of Hosfstra has pointed out to me that the New York legislature has passed two consumer protection bills that await Governor Cuomo's signature. One, S03704, would amend New York's existing Plain Language Law to require that consumer contracts involving up to $250,000 be written "in a clear and coherent manner […]
by Jeff Sovern It may seem bizarre, but it appears that recommendations that contain information that goes beyond the transactions or experiences of the person writing the letter are subject to the Fair Credit Reporting Act. For example, if a law professor writes a letter that points out that a student has job experience in […]
by Jeff Sovern The Wall Street Journal has reported that the College Board, providers of the SAT tests, will give colleges an adversity score for each applicant who takes the SAT to aid college in admissions decisions. As the Journal explains: This new number, called an adversity score by college admissions officers, is calculated using […]
by Jeff Sovern Until 2015, when consumers submitted disputes to credit bureaus, the credit bureaus submitted the dispute to the creditor which had furnished the information, and if the creditor verified that the information was correct, the credit bureau reportedly would nearly always continue reporting the information in the consumer's credit report, despite the Fair […]
Christopher K. Odinet of Oklahoma has written The New Data of Student Debt, 92 Southern California Law Review (Forthcoming). Here is the abstract: Silicon Valley is increasingly setting its sights on student lending. Financial technology (fintech) firms such as SoFi, CommonBond, and Upstart are ever-expanding their online lending activities to help students finance or refinance […]
Anya Prince of Iowa and Daniel Schwarcz of Minnesota have written Proxy Discrimination in the Age of Artificial Intelligence and Big Data, Iowa Law Review, Forthcoming. Here's the abstract: Big data and Artificial Intelligence (“AI”) are revolutionizing the ways in which firms, governments, and employers classify individuals. Surprisingly, however, one of the most important threats […]
Kenneth P. Brevoort, Jasper Clarkberg, Michelle Kambara, and Benjamin Litwin, all currently or formerly at the CFPB, have written The Geography of Credit Invisibility. Here's the abstract: This study builds on the Bureau’s earlier work and examines the relationship between geography and credit invisibility. The importance of geography in accessing credit has been long-standing concern for […]
by Jeff Sovern My colleague, Vincent DiLorenzo, has written Fintech Lending: A Study of Expectations Versus Market Outcomes, Forthcoming in Review of Banking & Financial Law. Here is the abstract: This paper documents the expectations for the fintech lending industry, which has emerged in this decade, and compares such expectations to market outcomes. It presents an […]