Daily Dashboard

CFPB To Begin Supervision of Credit Reporting Firms

PRIVACY LAW—U.S.

July 17, 2012

The Consumer Financial Protection Bureau (CFPB) will soon begin supervising credit reporting agencies, The New York Times reports. CFPB Director Richard Cordray said this week that supervision activities—which will begin September 30—will include onsite examinations. Cordray said areas of concern for the CFPB include “the information sent to credit bureaus, the ways they assemble and hold information and ‘how difficult it is to get the errors resolved,’” the report states. Washington, DC, attorney Robert Belair told the Daily Dashboard, “The three national credit report systems are closely regulated by FCRA, which was the first comprehensive privacy statute in U.S. The FCRA reflects fair information practices and includes meaningful and comprehensive privacy protections. CFPB supervision…will not change that. The law doesn’t change. The privacy requirements don’t change. What this does is substitute the CFPB for the FTC.” (Registration may be required to access this article.)
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