CFPB Set To Replace Patchwork Credit Reporting Co. Regime

Law360, New York (July 16, 2012, 6:37 PM EDT) -- The nation's largest credit reporting agencies for the first time will be subject to regular federal examinations similar to bank inspection regimes under new rules the Consumer Financial Protection Bureau announced Monday, replacing an uneven regulatory patchwork with a unified but potentially tougher standard.

Until now, several federal and state regulators have been charged with looking into practices at credit reporting companies, but have had the ability only to bring one-off enforcement actions under the Fair Credit Reporting Act.

Credit reporting companies now will have a...
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