Fears of CFPB overreach on auto loans prompt Congressional action

The Dodd-Frank law of 2010 that created the Consumer Financial Protection Bureau included an amendment that specifically exempted auto dealers from regulation by the new entity. Despite that prohibition, the CFPB has taken steps to indirectly regulate the industry by proposing new rules applicable to the banks that work with auto dealers to provide auto financing.

Dubious research at the CFPB

A scathing article this week in Forbes offers a startling look at some dubious research practices used by the Consumer Financial Protection Bureau when investigating alleged discriminatory lending in the auto loan industry.

Credit Unions seek relief from new Congress

The National Association of Federal Credit Unions has submitted a letter to Congressional leaders outlining its top priorities for 2015. Among other things, the letter calls for relief from over-regulation by the Consumer Financial Protection Bureau.

‘Buy Here, Pay Here’ auto dealer fined by CFPB

The Consumer Financial Protection Bureau took its first action ever against a car dealership last week. DriveTime Automotive Group Inc., an Arizona-based company that sells vehicles as well as originating and servicing auto loans, was the target.

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