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Experian Fined by CFPB; Jumbo Program News; Technology Updates

Posted To: Pipeline Press

In legal news, Experian , one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said yesterday . And for that deception, the CFPB is fining Experian $3 million. Peers Equifax and Transunion reached a settlement on similar allegations in January. Jay Clayton, President Donald Trump’s nominee to be chairman of the Securities and Exchange Commission, said the Dodd-Frank Act should be looked at to see if its objectives are being achieved, but he doesn’t have “specific plans for attack” against the law. The SEC should continue its work on rules mandated by Dodd-Frank that haven’t yet been completed, he…(read more)

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Source: Mortgage News Daily

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