Government to Equifax, Experian and TransUnion: We are watching you
U.S. Consumer Watchdog to Oversee Credit Bureaus
By VICKIE ELMER, NYT
The Consumer Financial Protection Bureau is set to announce on Monday that it will begin supervising the leading credit bureaus, the companies that collect financial details of everyone's life.
The credit bureaus join mortgage brokers, payday lenders and credit card companies among the institutions beyond banks that the bureau regulates. The agency itself was a creation of the sweeping Dodd-Frank financial reform law in 2010. This move is the first in a series of rule-making to define "larger participants" in the consumer financial field, the bureau said.
The bureau will oversee and make rules covering about 30 credit reporting companies, representing 94 percent of the $4 billion credit reporting market. Included are the big three - Equifax, Experian and TransUnion - and any other such business with more than $7 million in annual revenue.
The credit reporting companies already must abide by the Fair Credit Reporting Act and they have also been subject to Congressional oversight, but they lacked a single federal overseer, the bureau said in a statement.
(More here.)
The Consumer Financial Protection Bureau is set to announce on Monday that it will begin supervising the leading credit bureaus, the companies that collect financial details of everyone's life.
The credit bureaus join mortgage brokers, payday lenders and credit card companies among the institutions beyond banks that the bureau regulates. The agency itself was a creation of the sweeping Dodd-Frank financial reform law in 2010. This move is the first in a series of rule-making to define "larger participants" in the consumer financial field, the bureau said.
The bureau will oversee and make rules covering about 30 credit reporting companies, representing 94 percent of the $4 billion credit reporting market. Included are the big three - Equifax, Experian and TransUnion - and any other such business with more than $7 million in annual revenue.
The credit reporting companies already must abide by the Fair Credit Reporting Act and they have also been subject to Congressional oversight, but they lacked a single federal overseer, the bureau said in a statement.
(More here.)
Powered by Blogger
0 Comments:
Post a Comment
<< Home