“While currently available data allows market participants to identify and measure certain trends, it’s not sufficiently granular or complete enough to fully explore the cause of those trends,” a Nov. 17 CFPB blog post stated. “Also, the rapid changes to the industry over the last few years have made visibility into market trends increasingly difficult.”
The CFPB cited repossessions and subprime or deep subprime loans as areas lacking sufficient data.
“Without this holistic view, market participants are unable to identify emerging risks and opportunities as they occur. This could lead to negative consequences for consumers, lenders, and investors.”