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A final rule places credit reporting agencies under the bureau's nonbank supervision program as part of its "larger participant" powers.
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The CFPB issued a proposal Thursday laying out the steps it will take to designate certain nonbanks for supervision if they pose a risk to consumers.
May 24
WASHINGTON — The Consumer Financial Protection Bureau offered new details Wednesday about how the agency will examine large credit-reporting firms.
In July, consumer-reporting companies became the
Under the Dodd-Frank Act, the bureau is authorized to examine both large banks and nonbank lenders, but it can also designate for its supervision program certain "larger participants" in other nonbank sectors that are more indirectly tied to the exchange of credit.
On Wednesday, the bureau released a
"Examiners will also evaluate the systems, procedures, and policies used by the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints," bureau said.
The guide called on examiners to assess the companies' compliance with requirements to disclose credit scores and other information about a file to a consumer. They will also evaluate steps by the firms to help prevent fraud and identity theft.
"Consumer reporting, and especially credit reporting, plays a significant role in a consumer's life. It can dictate whether or not a consumer is able to get a credit card, a mortgage, or a student loan," CFPB Director Richard Cordray said in a press release. "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."