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Auto lending is a dynamic market second only to housing in size, with nearly $900 billion in outstanding auto loan balances. Banks hold approximately a third of all auto loan balances, followed closely by captive auto lenders, credit unions and auto finance companies. Under the Dodd-Frank Act, the CFPB has the authority to supervise all depository institutions with more than $10 billion in assets. However, the Bureau has also been granted the authority to supervise “larger participants” in consumer financial markets. The CFPB exercised this authority by issuing a rulemaking proposal to extend its supervisory reach over nonbank auto lenders, such as the captives and auto finance companies. CBA is largely supportive of this effort as consumers should expect to receive the same level of protection no matter where they receive their auto loans.
- June 23, 2016As the overall default reading recorded its lowest point dating back a decade, the auto loan segment of the S&P/Experian Consumer Credit Default Indices made another move away from the 1-percent level in May, dipping 5 basis points below the previous month’s reading. According to data through May and released on Tuesday by S&P Dow Jones Indices and Experian, analysts indicated the auto...
- June 16, 2016On Thursday, June 16, 2016, the CFPB posted on its blog an advisory titled: “Arm yourself with knowledge when shopping for an auto loan.” In addition to the agency’s new auto education tool, the Office of Servicemembers noted servicemembers should especially be familiar with: Reductions of interest rate under the Servicemembers Civil Relief Act; Permission from lenders to take vehicles overseas;...June 14, 2016On Tuesday, June 14, 2016, the CFPB released a blog post informing consumers about the “3 things you should consider before co-signing for an auto loan.” Building of the new auto buying educational materials, this post focuses on the three items cosigners need to know including their responsibility for repaying the loan, the potential effect on one’s credit, and their right to request monthly...June 9, 2016On Thursday, June 9, 2016, the CFPB Consumer Advisory Board (CAB) met in Little Rock, Arkansas to discuss an auto lending education initiative, trend and themes, and the payday proposal. In his remarks, CFPB Director Richard Cordray stated, “Consumers should feel like they are in the driver’s seat when it comes to financing their car or truck…The CFPB’s auto loan shopping sheet provides a roadmap...May 26, 2016 - 2:00PMPastAre you leveraging the latest auto finance insights to gain a competitive edge in today's market? Don't miss this opportunity to get updates from Moody's Analytics and Equifax, and learn how you can compete more effectively in this competitive automotive environment.May 23, 2016The National Automobile Dealers Association is lining up allies for a fight with the Federal Trade Commission over a proposed survey of consumers regarding their experiences trading in, buying and financing vehicles at dealerships. NADA Vice Chairman Mark Scarpelli told credit union managers at a conference here last week sponsored by CU Direct, "We look forward to working with your regulatory...May 20, 2016The CFPB , on Wednesday, May 18, 2016 issued a report finding that one-in-five single-payment auto title loan borrowers have their vehicle seized by their lender for failure to repay. According to the CFPB’s research, more than four-in-five of these loans are renewed on their due date because borrowers cannot afford to repay. More than two-thirds of auto title loan business come from borrowers...April 14, 2016 - 2:00PMPastThe auto industry has awakened to the need for advanced customer analytics. Industry leaders recognize they may be leaving huge profits on the table due to inefficient, highly fragmented marketing investments.April 7, 2016April 7, 2016 The Honorable Richard Shelby Chairman, Committee on Banking, Housing, and Urban Affairs United States Senate Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member, Committee on Banking, Housing, and Urban Affairs United States Senate Washington, D.C. 20510 Dear Chairman Shelby and Ranking Member Brown: The Consumer Bankers Association (CBA)  appreciates the Banking...March 16, 2016Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA) appreciates the Financial Services Committee’s continued oversight of the Consumer Financial Protection Bureau and its activities. We would like to take this opportunity to submit the following comments on the hearing entitled, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” CBA is...