Law360, New York (February 16, 2012, 2:05 PM ET) -- The nation's largest credit reporting and debt collection agencies will for the first time be subject to federal regulatory scrutiny under a proposal announced Thursday by the Consumer Financial Protection Bureau.
Under the proposed rule, debt collection agencies with more than $10 million in annual receipts from debt collection activities and credit reporting agencies with over $7 million in annual receipts from consumer reporting activities will be subject to the bureau's nonbank supervision program.
“Consumer financial products and services have become more complex over the years...
CFPB To Oversee Credit Reporting, Debt Collection Cos.
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