When CU Times broke the news that theCFPB issued a bulletin warning banks and credit unions that ifthey fail to meet accuracy obligations when reporting negativeaccount histories to credit reporting companies, the result couldbe bureau action, readers had plenty to say.

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 Financial Protection Bureau is in a uniqueposition to make a difference in improving how the checking accountreporting system actually works,” Cordray said. “We are the onlyfederal financial regulator with the authority to supervise boththe larger depository institutions and the larger consumerreporting agencies for compliance with federal consumer financiallaw. Thus we can consider and address these issues comprehensively,engaging directly with both sets of industry participants.”