June 9, 2017
- The Consumer Financial Protection Bureau recently released a report regarding a study of lower income areas and their credit visibility. The report found that many residents in lower income communities become credit visible when they are lowering their credit score versus residents in higher income communities who become credit visible when they establish a credit line.
- The House of Representatives passed a bill to roll back a few of the rules the Obama administration put in place to aid the country in recovery after the early 2000’s financial crisis. The Republican dominated House believes that the rules and regulations put in place by the prior administration impede economic growth. The bill proposed by Republicans, the Financial Choice Act, attempts to loosen regulation; however, it is unlikely that the bill will pass the Senate.
- The United States joined a lawsuit against city of Los Angeles for the misappropriation of funds provided by the U.S. Department of Housing and Urban Development. The city allegedly misused millions of dollars due to their lack of adequate affordable housing and oversight practices.