Lessons Learned from CFPB Credit Reporting Exams: The CFPB’s Special Report

Lessons Learned from CFPB Credit Reporting Exams: The CFPB’s Special Report

March 6, 2017, Covington Alert

Following up on the Consumer Financial Protection Bureau’s (the “Bureau,” or “CFPB”) monthly complaint report highlighting credit reporting issues (and particularly issues with accuracy and disputes), on March 2, 2017, the CFPB issued a special edition of its Supervisory Highlights bulletin focusing on consumer reporting issues, highlighting those same concerns. Director Cordray also issued remarks relating to these issues the same day during the Bureau’s Community Advisory Board meeting. The Bureau sees that it has a unique role to play, as the only federal regulator that can supervise the credit reporting market from end-to-end, and believes that its involvement has brought about substantial changes over the last five years. Now, the Bureau is placing a renewed emphasis on accuracy and dispute resolution in the credit reporting space that deserves the industry’s attention and focus.