The Consumer Financial Protection Bureau proposed a regulation that would let it examine the books of debt collectors and consumer reporting businesses as part of its program to supervise non-bank financial companies.
“Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks,” the bureau’s director, Richard Cordray, said in an e-mailed statement today.
The regulation, which must be finalized by July 21, would bring credit bureaus such as Experian Plc (EXPN), Equifax Inc. (EFX) and TransUnion Corp (TRUN). under federal supervision for the first time. The proposal would cover, also for the first time at the federal level, debt collectors such as Asset Acceptance Capital Corp. (AACC), Portfolio Recovery Associates Inc. (PRAA) and Encore Capital Group Inc. (ECPG)