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News Now

Washington
CFPB sets July 16 credit reporting hearing
WASHINGTON (7/12/12)--Credit reporting will be the lone item on the agenda when the Consumer Financial Protection Bureau (CFPB) meets with credit unions and others at a planned July 16 field hearing in Detroit, Mich.

CFPB Director Richard Cordray is scheduled to speak at the hearing, which will also feature testimony from finance industry representatives, academics, and representatives from consumer-oriented groups.

Michigan Credit Union League President/CEO Dave Adams and local Michigan credit unions will also attend.

The CFPB has identified credit reporting agencies as one of the many entities it could regulate, but the agency has otherwise not addressed the credit reporting industry.

The Dodd-Frank Wall Street Reform Act transferred Fair Credit Reporting Act (FCRA) rulemaking authority to the CFPB as of July 21, 2011, and FCRA regulations were republished, with slight changes, as an interim final Regulation V rule five months later.

The CFPB fair credit regulation "substantially duplicates" most of the interagency FCRA regulations issued by the National Credit Union Administration (NCUA), the Federal Trade Commission (FTC), and federal banking agencies, as well as the stand-alone FTC regulations.

The CFPB does not currently have the authority to promulgate rules regarding FCRA provisions on: the disposal of consumer information, identity theft red flags, and rules on the duties of card issuers regarding changes of address.

CUNA last year advised credit unions to continue to refer to NCUA and FTC regulations, and not Reg V, for these provisions.
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