CFPB to hold hearing on consumer credit reporting

Raj Date

The Consumer Financial Protection Bureau will hold a hearing on consumer credit reporting on Monday in Detroit, as credit reporting agencies will be subject to CFPB supervision mandated by the 2010 Dodd-Frank Act.

The hearing, scheduled for 11 a.m. at the Detroit Institute of Arts, will feature a panel of witnesses and experts to be moderated by CFPB Deputy Director Raj Date, according to Credit Union Times.

The consumer reporting industry includes the sale of comprehensive consumer reports, specialty consumer reporting agencies and consumer report resellers.

The CFPB plans to issue a final rule on July 21 that will designate which credit reporting firms will qualify as “larger participants” and the manner in which those firms will be regulated.

Earlier this year, the agency announced that it was in the process of drafting new regulations to bring oversight to debt collection and credit reporting firms. Many consumers have reported that they had difficulty correcting errors on their credit reports and complained of encounters with aggressive debt collectors, Detroit Free Press reports.

Additionally, the federal watchdog agency has begun moving forward with plans to bring enhanced oversight and transparency to the mortgage industry. The agency plans to require U.S. mortgage lenders to simplify language regarding mortgage costs and risks on forms. The CFPB is currently seeking comment on the new loan estimate and closing disclosure forms.

One Response to CFPB to hold hearing on consumer credit reporting

  1. Ray Barnes says:

    After reading the FTC summation of the law (FDCPA), I was left with the impression that there is a glaring hole in consumer protection. Yes, the consumer can dispute the validity of the debt, but it then goes to “verification.” What does this mean? Wireless carriers and others engage in trying to bind people to contracts over the phone.