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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.
- May 18, 2013May 16, 2013May 12, 2013March 21, 2013March 21, 2013Washington, D.C. (March 21, 2013) – “CBA and our members have a deep and abiding commitment to fulfilling the financial needs of consumers and have zero tolerance for discrimination. This is a bedrock principle throughout the banking industry across all products. We look forward to working with the CFPB and all our regulators to ensure every consumer is protected. Unfortunately, Congress dealt...