Today the Consumer Financial Protection Bureau moved forward in its quest to increase market transparency by releasing the procedural exams that will be in effect for consumer reporting firms all over the country later this month.
As of September 30, CFPB examiners will be testing the top 30 consumer reporting companies for accuracy, investigatory effort, fair disclosure policies, and quality preventative strategies for identity theft and fraud. The move comes as part of the Dodd-Frank Act, a bill signed into motion by President Obama in 2010 in an attempt to reign in the lack of fiscal regulation that led to the financial crisis.
A copy of the Bureau’s new examination procedures can be found in the CFPB’s General Supervisory and Examination Manual along with other regulatory guidelines the Bureau references during oversight.
