CBA Statement on Proposed CFPB Rule on Auto Lenders

September 17, 2014

CBA Statement on Proposed CFPB Rule on Auto Lenders

Washington, D.C. (September 17, 2014) – CBA’s General Counsel Steve Zeisel issued the following statement after the Consumer Financial Protection Bureau (CFPB) released their proposed rule on larger participants in the auto lending market:

“Today’s announcement by the CFPB will help to level the supervisory playing field between banks and other auto lenders. This is good for consumers as they should expect to receive the same fair treatment at any lender they go to. The CFPB is also providing more information about how lenders should use ‘proxies’ when monitoring for fair lending compliance. CBA has long advocated for the CFPB to provide clearer guidance in this area. I look forward to the opportunity to participate in tomorrow’s field hearing hosted by the CFPB in Indianapolis on this issue and its further discussion.”

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.

.

The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Tom Crosson, tcrosson@consumerbankers.com, (703) 869-1246 or visit www.consumerbankers.com.