In a speech today on next steps in financial regulation, Sen. Elizabeth Warren (D-Mass.) said that the Consumer Financial Protection Bureau should assume oversight of auto dealers, which were left out of the Dodd-Frank Act. “The market is now thick with loose underwriting standards, predatory and discriminatory lending practices, and increasing repossessions,” Warren said. “Auto dealers got a specific exemption from CFPB oversight, and it is no coincidence that auto loans are now the most troubled consumer financial product.”
Treasury sanctions Southeast Asian centers involved in alleged cyber scams
OFAC implemented sanctions against a network of alleged Southeast Asian scam centers that steal billions of dollars from U.S. residents using forced labor and violence.