The Consumer Financial Protection Bureau on Thursday released the examination procedures it will use to ensure that credit bureaus are complying with consumer protection rules. The rules come into effect on September 30. Examiners would be evaluating the quality of the firms' compliance management systems, their review practices, and how they identified risks to consumers throughout the consumer reporting process, the CFPB said. The new rules build on the exam manual the bureau released earlier this year. The rules provide guidance to companies on how the bureau would conduct its monitoring in the consumer reporting market, the bureau said. Companies would have to have "reasonable procedures" in place to ensure that the information they collect from consumers are accurate. This includes looking at how the companies screen information they receive and how they ensure the information is matched to the right consumer's report. Examiners would also determine if reporting
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