CFPB Auto Loan Rule Revs Up Scrutiny On Nonbanks

Law360, Washington (September 18, 2014, 8:27 PM EDT) -- Nonbank auto lenders should expect to face an unprecedented compliance burden as a new Consumer Financial Protection Bureau rule seeks to put them on equal oversight footing with banks, with careful scrutiny of practices ranging from debt collection to consumer credit reporting, attorneys say.

In a proposed rule issued late Wednesday, the CFPB said it would supervise all nonbank lenders that make or refinance at least 10,000 auto loans or leases per year, in line with its authority to oversee “large participants” in consumer financial markets under the Dodd-Frank Act. If the rule were to take effect, it would mark the...

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