Consumer Bureau to Supervise Debt Collectors, Credit Bureaus

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.