The Washington Post 02/16/12 Ylan Q. Mui
“Consumer agency wants oversight of debt collectors, credit bureaus”
The Consumer Financial Protection Bureau on Thursday sought to bring debt collectors and credit bureaus under its purview, marking the first time the often controversial industries would be subject to federal supervision.
Under its proposed rule, the CFPB would oversee the nation’s largest debt collectors, the primary credit reporting agencies such as Experian, Equifax and TransUnion, and other lesser-known consumer reporting agencies. It is the first attempt by the watchdog agency to define which businesses in the vast swath of nontraditional financial institutions will be subject to the same examination process as banks.
“This oversight would help restore confidence that the federal government is standing beside the American consumer,” CFPB Director Richard Cordray said in a statement.
The power to oversee such firms and other nonbanks was a key component of the new agency’s design, and the CFPB has quickly flexed its muscle. It has already convened hearings on payday lending and plans to propose new rules for mortgage servicers.
Common Sense Review
Why does the govt need to control collection and credit agencies? What do they expect to oversee? All I see is the slippery slope of Fed govt controlling every aspect of commerce.
I am not seeing the harm of people making their own choices and taking responsibility of those choices… We need to stand for self-responsibility.
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