The Consumer Financial Protection Bureau yesterday finalized a rule allowing it to supervise nonbank auto finance companies, giving the bureau more comprehensive oversight over the auto lending market. The rule would cover nonbanks making, acquiring or refinancing more than 10,000 auto loans per year, capturing an estimated 34 companies that originate approximately 90 percent of all nonbank auto loans and serve 6.8 million borrowers in a year.
ABA, state bankers associations warn credit card rate cap would cause economic harm
A Senate bill to cap the annual percentage rate for credit cards at 10% would have a devastating effect on access to credit for individuals and small business owners who use their personal cards as a form of...