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 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
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