The Consumer Financial Protection Bureau is also zeroing in on debt collectors and credit reporting companies. The agency has proposed to add debt collectors and credit bureaus to the list of industries that agency officials can supervise in-person. The agency now has the power to oversee payday lenders, mortgage companies and private student lenders since President Obama used a recess appointment to install its director. The agency also can write rules to supervise companies.
Officials say they chose debt collectors and credit bureaus because those industries touch a vast number of consumers. Consumers can’t shop around if a debt collector is abusive or unfair. It’s the first time those industries will face in-person supervision similar to bank oversight. I believe this is a very good thing and a step in the right direction.
Source: USA Today
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