Last week, the Consumer Financial Protection Bureau announced it was drafting new regulations that would allow for the oversight of the largest credit reporting bureaus and debt collection companies. The reason, explains CFPB head Richard Cordray is that many consumers are in the dark about these businesses and feel somewhat helpless when it comes to dealing with them. "Consumers don't get to choose their debt collector," Cordray tells the L.
The wonks of Occupy Wall Street are diving into the weeds again, this time agitating for the new Consumer Financial Protection Bureau to adopt stricter oversight and regulations for consumer credit bureaus. Under Dodd-Frank, the CFP... Read Post
Now that the Consumer Financial Protection Bureau finally has a director, Richard Cordray, it's making some big moves to bring in debt collectors and credit bureaus under the umbrella of industries they want to supervise. The Washin... Read Post
New Consumer Protections for Prepaid Cards The Consumer Financial Protection Bureau is extending many of the financial protections of bank accounts to prepaid cards. New rules proposed Thursday by the federal regulator would require... Read Post