Consumer Agency Puts Debt, Credit Companies on Notice

The Consumer Financial Protection Bureau may not be popular with some conservatives, but the CFPB and its stealthily appointed Director Richard Cordray are here to stay, and the watchdog agency is kicking into action by making debt collectors and credit rating companies accountable for their actions.  —KA

The Washington Post:

Under its proposed rule, the CFPB would oversee the nation’s largest debt collectors, the primary credit reporting agencies such as Experian, Equifax and TransUnion, and other lesser-known consumer reporting agencies. 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.

“This oversight would help restore confidence that the federal government is standing beside the American consumer,” CFPB Director Richard Cordray said in a statement.

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Flickr / Veronica V (CC-BY-SA)

Richard Cordray, now head of the CFPB, stumps for Barack Obama on the campaign trail in October 2008.