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Thursday, September 18, 2014

CFPB to Extend Oversight to Nonbank Auto Lenders

After issuing controversial guidance last year to banks that offer indirect auto loans through car dealers, the CFPB is seeking to expand its oversight of the auto lending market. The bureau proposed a rule that would allow it to supervise nonbank auto finance companies.

The rule would cover nonbanks making more than 10,000 auto loans per year, capturing an estimated 38 companies that originate approximately 90% of all nonbank auto loans and serve 6.8 million borrowers in a year. The CFPB also released a report on its previous supervision of auto loans and a detailed description of the proxy methodology the bureau uses to identify potential fair lending violations.

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