Oversight proposal could increase costs for auto lenders

Trader Media Group
By Ryan Bolger
18 Sep 2014

Non-bank auto lenders are expected to see the costs business spike in response to federal oversight proposed by the Consumer Financial Protection Bureau (CFPB). The rule could dampen non-bank auto ABS markets as a result.

Non-bank auto lenders currently fall under various state regulators but federal examinations are expected to be more thorough and open up examinees to federal enforcement actions. The CFPB has identified marketing and disclosure of auto financing, accurate reporting of consumer credit and fair debt collection tactics as three ...

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