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.
FOMC sees ‘lack of further progress’ in reducing inflation
Citing a “lack of further progress” in recent months in dialing back inflation, the FOMC announced that it will maintain...