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Expert Analysis

Potential Impact Of CFPB's Proposed Auto Lender Rule

Law360, New York (October 14, 2014, 10:22 AM EDT) -- On Sept. 17, the Consumer Financial Protection Bureau proposed to include certain nonbank automobile lenders within the definition of the term larger participants.[1] Under the proposed rule, any company engaging in more than 10,000 consumer auto loan or lease transactions (i.e., originations, refinancings or acquisitions) per year will be classified as a larger participant subject to direct CFPB supervision.[2] The supervision will include on-site examinations for compliance with the federal consumer financial laws the CFPB enforces....

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