Newsroom

July 11, 2012

CFPB to hold field hearing on credit reporting

July 12, 2012 – The Consumer Financial Protection Bureau has scheduled a July 16 field hearing in Detroit on consumer credit reporting, and CFPB Director Richard Cordray and Deputy Director Raj Date will be among the participants.

The aim of the field hearing, which will be held at the Detroit Institute of Arts, is to provide the CFPB with insight into the credit reporting process. Under a proposed rule, the bureau has defined certain reporting agencies as among the non-bank "larger market participants" it would supervise in carrying out its mandate under the Dodd-Frank Act.

Cordray is slated to open the July 16 hearing at 11:00 a.m. A panel discussion with consumer groups, academics and industry experts, moderated by Date, will follow.

The hearing will be streamed live over the Internet. Those who want to attend the field hearing in person must RSVP with their full name at: cfpb.events@cfpb.gov

NAFCU has consistently called for the CFPB to exercise its authority to oversee non-depository institutions, such as payday lenders and debt collection agencies. In April, NAFCU wrote a letter to the CFPB urging the agency to expand its proposed rule on "larger market participants" to cover more than the 4 percent of debt collection agencies it expects to capture.

The CFPB's supervision of credit reporting companies will mark the first time this market has come under the supervision of a federal regulator.