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Thursday, April 16, 2015

Warren: CFPB Should Oversee Auto Dealers

In a speech on next steps in financial regulation, Sen. Elizabeth Warren (D-Mass.) said that the CFPB should assume oversight of auto dealers, which were left out of the Dodd-Frank Act. Warren said:

The market is now thick with loose underwriting standards, predatory and discriminatory lending practices, and increasing repossessions. Auto dealers got a specific exemption from CFPB oversight, and it is no coincidence that auto loans are now the most troubled consumer financial product.

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