CFPB auto lending issue heats up
There’s been a lot of talk about the Consumer Financial Protection Bureau (CFPB) and automotive lending this week. On Tuesday, CFPB chief Richard Cordray presented the agency’s fourth semi-annual report before the Senate Banking Committee. It wasn’t long before the topic of CFPB’s involvement in dealer-assisted finance made an appearance.
An automotive forum between CFPB, Cordray and the auto lending community is scheduled for Thursday, November 14 at 8:45 am. The CFPB has plans to live stream the event from its blog, so check here early in the morning for the details.
This is an issue we have been following loosely on the sidelines, but now that it’s heating up, we want to see what the impact will be for auto dealers and consumers alike. Stay tuned for more information and check out these resources for additional background on the issue:
- Goal for CFPB chief: Calming conflict on car loans
- Banks Pushed by Regulators Send ‘Nastygrams’ to Car Dealers – Carter Dougherty, Bloomberg
- CFPB responds to lawmaker letters – Gabe Nelson, Automotive News
- NADA Chart on CFPB’s Lack of Responsiveness to Congress
Disclaimer: The author of this post provides strategic communications services for the National Automobile Dealers Association, who is actively involved in the CFPB/dealer-assisted financing debate.