On September 8, the FTC approved final revisions that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Act, which transferred rulemaking authority related to parts of the FCRA to the CFPB, and thereby narrowed the FTC’s FCRA rulemaking authority for these rules.  As such, the FTC approved changes that clarify that in some cases these FCRA rules enforced by the FTC apply only to motor vehicle dealers, which were specifically excluded from the scope of Dodd-Frank’s requirements.  The FTC previously sought comment on the proposed rule changes last year.
Continue Reading FTC Approves Changes to FCRA Rules; Clarifies Application to Motor Vehicle Dealers

On July 1, the Federal Housing Finance Agency (FHFA) released a Policy Statement on its commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (collectively, “regulated entities”).  The FHFA addressed its position on:  (i) monitoring and information gathering; (ii) supervisory examinations; and (iii) administrative enforcement related to the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act.  The FHFA added that the statement operates as a “foundation for future interpretations by the agency and its regulated entities.”  Comments on the policy statement are due 60 days after publication in the Federal Register.

Continue Reading FHFA Releases Policy Statement On Fair Lending