The Consumer Financial Protection Bureau, created over stiff GOP opposition, is moving to bring debt collectors and the credit-rating industry under federal supervision for the first time. Debt collectors have more complaints lodged against them by consumers than any other industry, said bureau director Richard Cordray. "This oversight would help restore confidence that the federal government is standing beside the American consumer," Cordray said Thursday.
The consumer agency created by the Dodd-Frank financial reform law is asserting authority over debt collection actions by large banks. A post on the Consumer Financial Protection Bureau’s (CFPB) blog Wednesday laid out the agency’s ... Read Post
The Consumer Financial Protection Bureau plans to closely oversee large credit reporting companies and debt collectors in its first expansion of broad authority to send examiners into financial firms outside the banking system. Read Post