Regulatory Overreach: Consumer Financial Protection Bureau Proposes to Examine Books of Collection Agencies and Consumer Credit Reporting Companies

Posted by Joachim Bartels | Feb 16, 2012 | Consumer Credit Information, Equifax, Experian, Member News, Regulatory News, TransUnion, United States | 0 |

The Consumer Financial Protection Bureau proposed a regulation that would let it examine the books of debt collectors and consumer reporting businesses as part of its program to supervise non-bank financial companies.

The regulation, which must be finalized by July 21, would bring credit bureaus such as Experian Plc (EXPN), Equifax Inc. (EFX)and TransUnion (TRUN). under federal supervision for the first time. The proposal would cover, also for the first time at the federal level, debt collectors such as Asset Acceptance Capital Corp. (AACC), Portfolio Recovery Associates Inc. (PRAA) and Encore Capital Group Inc. (ECPG)

Source: Mobile.bloomberg.com

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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