CFPB To Oversee Credit Reporting, Debt Collection Cos.

Law360, New York (February 16, 2012, 2:05 PM EST) -- 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...
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