The New York Times reports that the CFPB will make a formal announcement this week that details its regulatory oversight of about 30 credit reporting companies representing 94% of the $4 billion U.S. credit reporting market. The credit reporting companies are subject to the Fair Credit Reporting Act, but have previously not been required to answer to a single federal regulator.
The CFPB supervision of credit reporting agencies is expected to begin Sept. 30 and will include on-site examinations.
‘Supervising this market will help ensure that it works properly for consumers, lenders and the wider economy. There is much at stake in making sure it is both fair and effective,’ says CFPB Director Richard Cordray.