ABA Banking Journal
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.”