News Alert: U.S. seeks oversight of debt collectors, credit bureaus

Thursday, February 16, 2012

   
The Washington PostThursday, February 16, 2012 12:11:43 PM
NEWS ALERT

U.S. seeks oversight of debt collectors, credit bureaus


The Consumer Financial Protection Bureau on Thursday sought to bring debt collectors and credit bureaus under its purview, marking the first time the often controversial industries would be subject to federal supervision.

Under its proposed rule, the CFPB would oversee the nation's largest debt collectors and consumer reporting agencies such as Experian, Equifax and TransUnion. It is the first attempt by the watchdog agency to define which businesses in the vast swath of nontraditional financial institutions will be subject to the same examination process as banks.



Read more at:
http://www.washingtonpost.com/business/economy/consumer-agency-wants-oversight-of-debt-collectors-credit-bureaus/2012/02/15/gIQAieioHR_story.html



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