The Consumer Financial Protection Bureau will include credit rating agencies in the scope of its supervision of larger nonbanks.
"Starting Sept. 30, credit reporting agencies with over $7 million in annual receipts — accounting for 94% of the industry total — will enter the CFPB's nonbank supervision program," writes American Banker’s Joe Adler.
Dodd-Frank authorizes the agency to extend its oversight to non-lending institutions. The agency had indicated interest in the credit rating industry last February. Exam guidance from the CFPB will be coming.
"Credit reporting plays a critical role in consumers' financial lives, a role that most people do not recognize because it is usually not very visible to them," said CFPB director Richard Cordray.
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