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, 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.