In the News December 12, 2014

Colgate Selden Talks New CFPB Debt Reporting Rules with Thomson Reuters Accelus

The Consumer Financial Protection Bureau (CFPB) now requires credit reporting agencies to submit accuracy reports highlighting top industries that use their services, summarize the information they receive from the industries and list the total number of credit disputes taking place in those industries.

“This is using the credit reporting bureau as a way to get more information on [firms] that may be running afoul of the Fair Credit Reporting Act,” R. Colgate Selden, counsel in Alston & Bird’s Financial Services & Products Group, told Accelus. “I’ve seen this in other areas of [the CFPB’s] supervision where they seem to be looking at different ways to collect information on supervision and the way that the markets are functioning… This then informs whether additional rules should be made.”
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