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.”
Agencies eliminate PSPA restrictions on Fannie Mae, Freddie Mac conservatorships
FHFA and Treasury Department will delete provisions in the preferred stock purchase agreements governing the conservatorships of Fannie Mae and Freddie Mac that were previously suspended after multiple groups raised concerns about their effects on housing markets.