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FBN’s Gerri Willis on the Consumer Financial Protection Bureau’s plans to oversee credit report firms in an effort to protect consumers.
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Action bureau is expanding its reach in the fall it will -- overseeing the country's biggest credit reporting firm's interest in Gerri Willis is -- with the details.
Jerry is this a big deal.
Of well you know it's interesting -- -- -- -- personal finance at all you know that these bureaus are in the cross hairs for consumer advocate now because their reports are opted.
Polar bear wrong if you even looked -- -- you know there something there that's not try not -- right.
So I think people want to see some changes it's shocking to me that these agencies have not been covered in the past by a federal agency they've had to comply with federal laws but there's been no one knocking at their door to a private company now Rick well.
So -- banks -- now I mean right at the end of the day but they have to comply with federal reporting requirements for consumer products.
You know it's interesting because I think is a move in the right direction on the other hand there are rumors tonight CF PB.
Some 900.
Employees.
Apparently they're building a brand spanking new building to house their efforts and it sounds like a great big bureaucracy.
That's going in the place.
And it's curious to me because a lot of things that they do do are things that were already handled by other parts of the government.
So I don't else is going to be a lot of overlap.
If they can bring these that bureaus to -- that might be -- how.
I think it in -- higher for this agency for a really long time now so it's like you know appoint a much ado about nothing at this point.
But it's an agency covering an agency covering -- -- -- -- -- senior layers of bureaucracy like over and over again that this is an additional -- parent housing let's -- -- -- -- people looking over their shoulder.
I was surprised at the bureaus themselves are not track -- redacted that come as a surprise yeah Tracy average that's absolutely.
There's -- so they can correct some of the wrongs but will wait what's next on my credit don't know yet what's gonna happen.
-- -- -- -- -- Get more people to get those reports in the first place they go it is one of those things that you see over and over again those are available free to people who asked Wear them from the three big agency yes.
Lot of people don't ask for them.
That's maybe -- that -- -- coming up tonight here.
All the talk a little bit about this we're talking about the fiscal -- is your teasing here -- a little bit about that.
And also something interesting about what's coming up out with the Republican Convention they're going to be lots of side conversations going on Sarah Palin having had an event.
-- Donald Trump having an and then.
Ron Paul having -- of that right on top of the Republican Convention not on the convention floor it'll be interesting to as he's.
You know former candidates compete for time with the nominee and having their own parties to have a final bodies.
Well we weren't -- -- did that's why not.
NIC zero PM and 9 PM it cannot around.
