Consumer Financial Protection Bureau
Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems
America’s commitment to the core principles of fairness, equality, and justice are deeply
CFPB Orders Tech Giants to Turn Over Information on their Payment System Plans
The Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. Specifically, the orders will compel information on data harvesting and monetization, access restrictions and user choice, and other consumer protections. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.
Digital Divide Plays Role in Credit Invisibility
Creditworthy consumers can face difficulties accessing credit if they lack a credit record that is treated as "scorable" by widely used credit scoring models. These consumers include those who are "credit invisible," meaning that they do not have a credit record maintained by one of the nationwide consumer reporting agencies (NCRAs). They also include those who have a credit record that contains either too little information or information that is deemed too old to be reliable.