Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
13 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
14 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
14 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
15 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
16 hours ago