CFPB field hearing today on expanding credit data

February 15, 2017

CFPB field hearing today on expanding credit data

The CFPB today will look at expanding access to credit via alternative data to determine borrowers' creditworthiness – for example, rent, cell phone payments and insurance – during a field hearing in Charleston, W.Va. NAFCU members will be in attendance.

The hearing, slated for 11 a.m. Eastern, will be streamed live on the bureau's website. NAFCU staff will monitor the hearing for its potential impact on the credit union industry.

Ahead of today's hearing, the CFPB is holding a roundtable discussion that will include credit union representatives to examine the use of alternative data to determine a borrowers' creditworthiness.

CFPB Director Richard Cordray will speak during the field hearing, followed by a panel discussion with consumer advocates and industry representatives, and public testimony.

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