Consumer Financial Protection Bureau Will Regulate Credit Bureaus
The Consumer Financial Protection Bureau will take over the regulatory authority over the credit reporting agency now held by the Federal Trade Commission. This is good news for consumers because the FTC’s record regulating the credit bureaus is mostly too little and too late.
In an interview with the Huffington Post, Elizabeth Warren, the newly appointed director of the bureau, said the agency will rely on interaction with the public in order to accomplish its mission. She said the agency will exponentially expand the manpower it has to review the operations of banks and lenders by hearing from consumers and watchdog groups.
Given the chance, the bureau will surely hear from thousands of frustrated consumers unable to get the credit bureaus to eliminate errors in their credit reports.