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Economy
In reply to the discussion: STOCK MARKET WATCH - Friday, 17 February 2012 [View all]Demeter
(85,373 posts)34. Regulator targets credit reporting firms and debt collectors
http://www.latimes.com/business/la-fi-consumers-credit-reporting-20120217,0,3410333.story
The new Consumer Financial Protection Bureau proposed to subject the companies to federal oversight for the first time as part of its broad authority to regulate firms outside the banking system...proposing tough new oversight on two arcane financial groups that affect nearly all consumers.
...By sending examiners to review their operations on a regular basis, the bureau hopes to spot problems before they arise at companies that book-end the consumer financial experience firms that help determine who gets credit in the first place and those that pursue people unable to pay their bills...The proposed rule, which is expected to be enacted in the next few months, was Cordray's first major move since being installed by President Obama last month in a controversial recess appointment.
Debt collection has been second only to identity theft in consumer complaints to the Federal Trade Commission in recent years. The bureau estimated that 30 million Americans have debts in the collection process.
LET'S HOPE THAT SOME OF THE DEPARTMENT GETS AROUND TO INVESTIGATING THOSE COMPLAINTS, TOO!
The new Consumer Financial Protection Bureau proposed to subject the companies to federal oversight for the first time as part of its broad authority to regulate firms outside the banking system...proposing tough new oversight on two arcane financial groups that affect nearly all consumers.
...By sending examiners to review their operations on a regular basis, the bureau hopes to spot problems before they arise at companies that book-end the consumer financial experience firms that help determine who gets credit in the first place and those that pursue people unable to pay their bills...The proposed rule, which is expected to be enacted in the next few months, was Cordray's first major move since being installed by President Obama last month in a controversial recess appointment.
Debt collection has been second only to identity theft in consumer complaints to the Federal Trade Commission in recent years. The bureau estimated that 30 million Americans have debts in the collection process.
LET'S HOPE THAT SOME OF THE DEPARTMENT GETS AROUND TO INVESTIGATING THOSE COMPLAINTS, TOO!
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Barry Ritholtz Has the Main Theme Right, But Gets a Few Specifics Wrong About MF Global
Demeter
Feb 2012
#2
The only thing missing from the "let my banker's go" agreement is skittle shitting unicorns!!
westerebus
Feb 2012
#56