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60 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T GOVERNMENT THE LATEST CFPB Reviews Credit Reporting Issues The top credit reporting concerns the bureau identified are data inaccuracy and dispute processes. A s of February 1, the Consumer Financial Protection Bureau (CFPB) has handled close to 185,700 complaints from consumers about credit report - ing companies (CRC). In the Supervisory Highlights Consumer Reporting Special Edition released at the beginning of March, the CFPB reviewed what steps it has taken to review and address the concerns and problems in the credit reporting market. The CFPB has taken steps to ensure accuracy of information from CRCs, as well as directed these companies to increase quality control, according to the report. The main concerns have been data inaccuracy and dispute processes. When dealing with a dispute from a consumer, the CFPB found that one or more of the consumer reporting companies have not fol - lowed federal requirements. CFPB has addressed this concern, and CRCs have improved in sending response letters to consumers. According to the report, improvements in quality control directed by the CFPB have in - creased data accuracy. With better data accuracy, consumers are less likely to experience faults in their reports such as already-paid bills showing up as unpaid. One of the problems the CFPB found was inaccurate data be - ing supplied to the CRCs, so in addition to monitoring the data the CRCs put out, the CFPB has taken steps to monitor the information coming in so that the CRCs can provide the most accurate data possible. CRCs have taken necessary steps to improve the accuracy of information and tackle the issue of "garbage in, garbage out." "Since we began our oversight work, the CFPB has been uncovering and correcting problems in the consumer report - ing industry," said CFPB Director Richard Cordray. "Because of our work, important improvements are being made. Much more work needs to be done but our correc - tive actions are leading to positive changes that are benefiting con- sumers all over the country." President Discusses Regulation and Boosting American Businesses During his address to Congress, President Trump reiterated his stance favoring deregulation, increasing jobs, and reducing business taxes. A new chapter of Ameri- can greatness is now beginning," President Trump said, opening his address to Congress on March 1. Throughout his hour-long speech, the President spoke of many changes and plans he had to "make America great again"—per - haps the most important of which to mortgage professionals were his comments regarding regulation. "We have undertaken a his - toric effort to massively reduce job-crushing regulations, creating a deregulation task force inside of ev- ery government agency; imposing a new rule which mandates that for every one new regulation, two old regulations must be eliminated," Trump said, referencing the execu - tive order he signed on February 24 titled, "Enforcing the Regulatory Reform Agenda." Also in February, President Trump signed an executive order ti - tled, "Core Principles for Regulating the United States Financial System," which calls for a review of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Though the President did not discuss this order during his speech, his reinforcement of his stance on regulation offers a glimpse of what mortgage professionals can expect of this administration. During the March address, the President also spoke of rebuilding America's infrastructure. "We've spent billions of dollars overseas, while letting our infrastructure crumble," he said. "America must put its own citizens first because only then can we truly make America great again." He promised that dying indus - tries will come back to life, and he- roic veterans will get the care they need. "Crumbling infrastructure will be replaced with new bridges and roads," he said. "The drug epidemic will slow down and stop. We will keep our promises to the American people. " Other areas President Trump wants to improve include an over - haul and simplification of the U.S. tax code, a revision or elimina- tion of the Affordable Care Act, an increase in defense spending, tightening of our borders, and a massive stimulus plan to pay for rebuilding the country's antiquated infrastructure. However, no details were given about the next steps the President plans to take to accom - plish these goals. "We must start the engine of the American economy again," he said, "and make it much harder for companies to leave our country." He said taxes on American companies are too high. "We need to reduce taxes on companies so that they can compete anywhere and with anyone," he said. As proof that his plans are already taking effect, he said that since his election, Ford, GM, Intel, Walmart, and other companies have announced that they will invest billions of dollars in the United States and will create tens of thousands of new American jobs. He also said that the stock market has gained almost $3 trillion since his election. Reacting to the President's speech, Lindsey Piegza, Chief Economist at Stifel Fixed Income said, "Going forward, the market appears elated by the notion of progrowth policies from Washington, but confidence will only carry improvements for so long. At some point, political promises will need to turn into re - ality in order to justify and sustain real improvement in the underlying economy."