Fair Credit Reporting: 13.2.4.5 “Larger Participants” in Consumer Financial Markets, Including CRAs
The CFPB has exclusive enforcement authority, relative to other federal agencies, over any person who “is a larger participant of a market for other consumer financial products or services, as defined by rule.”27 The Dodd-Frank Act required the CFPB to issue a rule defining such “larger participants.”28 The CFPB’s authority over CRAs depends on whether they meet the definition of “larger participant,” which includes the “Big Three” nationwide CRAs