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.