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Consumer Financial Protection Bureau (CFPB)
Technical Correction and Update to the CFPB’s Credit Invisibles Estimate
The CFPB released a widely cited report in 2015 that provided a benchmark for estimates of consumers with limited credit histories. More specifically, the report included estimates of the adult population in the United States who, in December 2010, did not have a credit record (“credit invisible”) or who had insufficient credit history to have a credit score (“stale unscored” and “insufficient unscored”).
Subsequent analysis with updated data and a methodological correction reveals that the original estimate of credit invisibles should be roughly cut in half, with an almost commensurate increase in credit records that were unscored. The new data also show that the share of consumers with a scored credit record increased between 2010 and 2020.
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Financial Crimes Enforcement Network (FinCEN)
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
At the conclusion of its plenary meeting, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic AML/CFT/CPF deficiencies.
The FAFT added the British Virgin Islands and Bolivia to its list of Jurisdictions Under Increased Monitoring and removed Croatia, Mali, and Tanzania.
The FAFT’s list of High-Risk Jurisdictions Subject to a Call for Action remains the same, with Iran, the Democratic People’s Republic of Korea (DPRK), and Myanmar (Burma) subject to calls for action.
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