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Warren to Tap Former Credit Agency CEO for U.S. Consumer Bureau

Feb. 17 (Bloomberg) -- Elizabeth Warren, the White House adviser charged with setting up the U.S. Consumer Financial Protection Bureau, has hired Corey Stone to head a unit that will write rules for credit information firms.

Stone, 54, is the former chief executive of Pay Rent, Build Credit, Inc., a credit bureau designed to allow consumers to build credit histories by documenting rent and bill payment, rather than by incurring debt.

“I’m joining the CFPB. I’m excited about being here,” Stone said in a telephone interview, confirming the appointment.

The consumer bureau’s credit information markets unit would help write rules to regulate credit bureaus such as Equifax Inc., Experian Plc and TransUnion LLC, according to the agency’s draft organizational chart.

The office will play the same role for debt-collection companies such as Portfolio Recovery Associates Inc., Encore Capital Group Inc., Asta Funding Inc., Asset Acceptance Capital Corp.

Jennifer Howard, a spokeswoman for Warren, declined to comment.

Pay Rent, Build Credit, also known as PRBC, was sold to MicroBilt Corp. in 2008. Most recently, Stone has been a fellow at the Chicago-based Center for Financial Services Innovation, an industry- and foundation-funded institute that researches financial services for low-income consumers. He was appointed to the Federal Reserve’s Consumer Advisory Council in 2010.

Under the 2010 Dodd-Frank Act, the consumer bureau -- which is scheduled to officially start work in July -- is required to study the differences between reports provided to creditors and those provided to the consumers who are the subject of the reports. Prior to July, bureau employees are operating under the auspices of the Treasury Department.

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

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