CFPB Will Begin Supervising Credit Reporting Agencies on September 30th
Somerville, MA – As the Consumer Financial Protection Bureau (CFPB) marks the one-year anniversary of opening its doors, consumer advocate and U.S. Senate candidate Elizabeth Warren praised the agency’s work to protect families by supervising the larger credit reporting agencies.
"By supervising credit reporting companies, the CFPB will make sure that they play by the rules and that they correct errors as the law requires. That's standing up for consumers where it matters," said Warren. "Credit reports affect what families pay for mortgages, credit cards, and insurance. Consumers deserve to know that someone in Washington is looking out for them."
The CFPB announced last week that it will supervise credit reporting agencies, beginning September 30th, to help ensure consumers’ credit reports contain accurate information. Credit reports have a widespread impact on consumers’ ability to get access to credit. This is the first time credit reporting agencies will be supervised at the federal level, and the CFPB will have the authority to write rules and take enforcement action.
Warren is widely credited with the idea for the Consumer Financial Protection Bureau, and she served as Assistant to the President and Special Advisor to the Secretary of the Treasury in 2010 and 2011, with the authority to set up the consumer agency. Warren also served as Chair of the bipartisan Congressional Oversight Panel. For her clear and fearless oversight efforts on behalf of the American people, Time Magazine named her one of the "New Sheriffs of Wall Street," and the Boston Globe named her Bostonian of the Year in 2009.