Who could be a “larger participant” and how should they prepare for CFPB supervision? Exploring how the proposed rule could impact auto lenders and preparing for potential operational and compliance impacts.
As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares to release its regulation for “larger” auto finance participants, one thing is certain: the auto finance industry will soon be subject to greater regulatory scrutiny than ever before. But many questions remain — including which entities could be covered under the new rule, and what the specifics will be regarding examiners’ expectations.
This publication explores how the proposed rule could impact auto lenders and explore the key questions that, when answered, will help industry participants prepare for increased oversight.