The CFPB issued a bulletin Wednesday warning banks and creditunions that if they fail to meet accuracy obligations whenreporting negative account histories to credit reporting companies,the result could be bureau action.

Download and read the CFPB's compliance bulletin here.

The bulletin stated banks and credit unions must have systems inplace to ensure accuracy when they pass on information, such asnegative account histories, to checking account reporting or othercredit reporting companies.

“The Consumer Bureau will continue to insist, through itsoversight authority, that banks and credit unions furnishinginformation, as well as the consumer reporting companies collectinginformation and selling reports, must comply with their respectiveduties under the law,” CFPB Director Richard Cordray said Wednesdayin prepared remarks for a field hearing in Louisville, Ky., on thematter. “When we see this is not being done, we will takeappropriate supervisory and enforcement actions.”