The Consumer Financial Protection Bureau today ordered nine large auto lenders to provide data on their auto lending portfolios, which is part of a push by the agency to build an auto lending data set. In a blog post on the agency’s website, the CFPB said the data will not include personally identifiable data on consumers, such as name, address or social security number. The agency is instead seeking details on auto loans made from 2018 to 2022. The information provided in response to the orders will be treated as confidential information, according to letters sent to lenders.
The CFPB announced last year it was building a national data set on auto lending to help it better monitor the auto market. Since then, it has conducted a stakeholder event that identified three areas where participants said that additional data visibility would be important: lending channel differences; data granularity, consistency and quality; and loan performance trends. That feedback is guiding its data-gathering efforts.
