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Thursday, September 6, 2012

CFPB Issues Exam Procedures for Credit Bureaus

The CFPB released the procedures it will use in examining credit bureaus and other consumer reporting companies—another step in implementing its nonbank supervision programs. The agency’s authority to supervise consumer reporting companies takes effect September 30, 2012.

The Dodd-Frank Act gave the CFPB authority to supervise “larger participants” in the consumer financial markets as defined by rule. In July 2012, the CFPB identified a market for consumer reporting and defined larger participants to include companies in that market that have more than $7 million in annual receipts. The CFPB’s supervisory authority will cover an estimated 30 companies, accounting for about 94% of the market’s annual receipts.

CFPB Director Richard Cordray:
Consumer reporting, and especially credit reporting, plays a significant role in a consumer’s life. Our supervision program will … [be] 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.
Read more.
Read the examination procedures.

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