On July 19, the CFPB issued a press launch reinforcing the significance of utilizing particular function credit score packages (SPCP) to serve unmet credit score wants.

In February, the CFPB and 7 different businesses issued an interagency assertion to remind collectors of the choice to ascertain SPCPs to assist create truthful and equitable entry to credit score. See WBK’s article on the interagency assertion for extra particulars.

Within the July press launch, the CFPB gives info on who explicit stakeholders ought to contact inside the CFPB with questions or requests for consultations about SPCPs.