For the first time, consumer reporting agencies will be subject to a federal supervision program. Earlier today, we held a field hearing today in Detroit for the announcement with remarks from Richard Cordray, CFPB Director, as well as testimony from consumer groups, academics, industry representatives, and members of the public. Director Cordray said:
[The credit reporting] system must merit our trust and confidence for the credit markets to be perceived as fair. We all share in this responsibility. But the credit reporting market is not one where consumers can shop around among different providers, for people have no choice about whether to have any of the credit reporting companies keep track of their credit history. That is why the Consumer Bureau’s new authority is so important, and why it must be exercised carefully and effectively.
Archived footage is available below. You can also read Director Cordray’s full remarks right now.
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