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Consumer Financial Protection Bureau

Image of bronze bull statue on Wall Street
Sam Valadi / http://j.mp/1SPGCl0

Congress is debating whether to get rid of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The act was passed after the Great Recession, in order to tackle problems like banks that were too big to fail, financial groups dealing in sketchy products, and predatory lending. 

Now, Republicans want to do away with Dodd-Frank. 

Sarah Cwiek / Michigan Radio

The  Consumer Financial Protection Bureau will start keeping close tabs on credit reporting companies, the Bureau's President announced Monday.

Richard Cordray told a field hearing in Detroit that CFPB—a relatively new federal agency created in the wake of the 2007-8 financial crisis--will start monitoring the largest credit reporting companies “just like we examine big banks” in September.

He says there’s still a lot we don’t know about the credit reporting industry, because no federal agency has had access to all the relevant information.