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.”
ABA, associations urge CFPB to rescind changes to adjudication process
ABA joined three associations in voicing support for a CFPB proposal to rescind a set of changes to the bureau’s rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.