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Consumer bureau brings aboard former credit agency chief

Feb 21, 2011 Brian Bradley

The U.S. Consumer Financial Protection Bureau does not assume full authority until this summer, but in the interim, the agency continues to stockpile industry heavyweights for leading positions. According to Bloomberg, soon-to-be CFPB chief Elizabeth Warren welcomed Corey Stone, the former chief executive of Pay Rent, Build Credit, to the agency's panel. Bloomberg reports that Stone's responsibilities will include writing the legislation that will dictate how credit information firms can operate. Stone's previous company focused on allowing consumers to build their credit histories through rent and bill payment, rather than taking on debt. "I’m joining the CFPB. I’m excited about being here," Stone told Bloomberg during a phone interview. Stone will oversee a committee that will write many of the new regulations for the credit scoring giants Experian, Equifax and TransUnion. Pay Rent, Build Credit provided an alternative form of credit prior to being sold to MicroBilt in 2008. In recent years, Stone has held a few credit industry posts, including a fellowship at the Center for Financial Services Innovation. In 2010, Stone was tabbed for the Federal Reserve's Consumer Advisory Council. The CFPB's chief responsibility will be to clarify the relationship between creditors and consumers.