Commitment to Fair Lending Practices

CFPB to Oversee Nonbank Auto Finance Companies

Consumer Financial Protection Bureau

Bureau Publishes Exam Procedures for Supervised Companies in $900 Billion Market

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a rule today that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that examiners will use to ensure that auto finance companies are following the law.

“Auto loans and leases are among the most significant and complex financial transactions in a typical consumer’s life,” said CFPB Director Richard Cordray. “Today’s rule will help ensure that larger auto finance companies treat consumers fairly.”

Read the full post at the source: http://www.consumerfinance.gov/newsroom/cfpb-to-oversee-nonbank-auto-finance-companies/