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CFPB Issues Final Rule On Consumer-Reporting Firms

Posted on 7/17/2012

The CFPB yesterday issued a final rule that will bring the larger consumer-reporting agencies under the Bureau's non-bank supervision program. The CFPB explained that its approach to supervising credit reporting will be the same as its approach to supervising banks and other non-banks.

"The companies will be subject to review of compliance systems and procedures, onsite examinations, discussions with relevant personnel, and they will be required to produce relevant reports," the Bureau said. The final rule is effective on September 30.

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