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.
The Dodd-Frank Act authorizes the Consumer Financial Protection Bureau to enforce more than a dozen existing statutes in defense of consumers.
Continental Finance Company, a subprime credit card servicer, has agreed to refund $2.7 million to customers, according to a consent decree signed with the Consumer Financial Protection Bureau.
Last week, the Consumer Financial Protection Bureau issued a report studying the use of overdraft fees on checking accounts.