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Bulletin 2022-04: Mitigating Harm from Repossession of Automobiles

The Bureau of Consumer Financial Protection (Bureau) is issuing this Compliance Bulletin regarding repossession of vehicles, and the potential for violations of sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank Act) prohibition on engaging in unfair, deceptive, or abusive acts or practices when repossessing vehicles. The Bureau intends to hold loan holders and servicers accountable for UDAAPs related to the repossession of consumers’ vehicles.

CFPB Bulletin 2022-04

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