Consumer agency wants oversight of debt collectors, credit bureaus

[mfcorey1]

Thursday, February 16, 11:02 AM

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, 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.

http://www.washingtonpost.com/business/economy/consumer-agency-wants-oversight-of-debt-collectors-credit-bureaus/2012/02/15/gIQAieioHR_story.html?wpisrc=al_comboNE

[tkmorris]

1. Excellent news

I don't think most people are aware that these organizations operate without any real oversight of their activities. This is what the CFPB should be for and I am heartened to see how aggressive they are being moving forward under Mr. Cordray.

[AtomicKitten]

2. I would think this is already under their purview.

If not, it absolutely should be. Debt-collecting agencies are notoriously abusive.