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 voices support for updating derivatives, hedging accounting standards
A proposed accounting standards update on derivatives and hedging would remove unnecessary constraints on the latter, thereby better aligning financial reporting with institutions’ risk management activities, ABA said in a letter to FASB.
