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Mar 08, 2012

CFPB to share data among state attorneys general to probe abuses

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced yesterday that his agency is working to "establish a general framework to share data" among state and federal authorities regarding consumer financial protection issues such as payday loans, foreclosure scams, auto loans, and debt collection, Bloomberg reports. The central point of the information-sharing deal will be the Federal Trade Commission's Consumer Sentinel network, which is a database where attorneys general can submit complaints about financial services that the CFPB can then use to detect trends in scams and unfair lending, the article said. For more, read the full story here.

Posted by B. Group  in  Federal Regulatory   Consumer Financial Protection Bureau  






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