The Consumer Financial Protection Bureau finalized and debuted procedures last week that it plans to use in examining and supervising consumer credit reporting firms — which take effect on Sept. 30.
“Consumer reporting, and especially credit reporting, plays a significant role in a consumer’s life,” Richard Cordray, the director of the CFPB. “It can dictate whether or not a consumer is able to get a credit card, a mortgage or a student loan. Our supervision program will benefit hundreds of millions of consumers by making sure these companies are playing fairly and by the rules, and our field guide will ensure that all companies are held to the same standards.”
The 2010 Dodd-Frank Act authorized the CFPB to supervise “large participants” in the consumer financial markets, which include consumer credit reporting bureaus, BankCreditNews.com reported.
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