Field hearing on auto finance in Indianapolis, IN
CFPB Director Richard Cordray announced a proposal to oversee larger nonbank auto finance companies for the first time at the federal level. The Bureau also released a supervision report that details the auto-lending discrimination that the Bureau has uncovered at banks. The report highlights that the Bureau’s supervisory actions against banks will result in about $56 million in redress for up to 190,000 consumers harmed by discriminatory practices.
Given the significance of car ownership in the lives of consumers, the CFPB wants to make sure that auto lenders, including auto finance companies, are treating consumers fairly throughout the life of loan by:
- Fairly marketing and disclosing auto financing
- Providing accurate information to credit bureaus
- Treating consumers fairly when collecting debts
Indianapolis, IN
After taking action against banks for discriminatory practices in auto lending, the CFPB announced a proposal to oversee larger nonbank auto finance companies. This would be the very first federal oversight of this financial market.