Large auto finance companies that are not financial institutions will face federal rules for the first time if the CFPB succeeds in a proposal to regulate aspects of their business.

In a proposal released Thursday, the federal financial watchdog said it would define large auto finance companies as those that make, acquire or refinance 10,000 auto loans or leases per year. CFPB said 38 auto finance companies in the U.S. would meet that definition and the companies provide roughly 90% of the nonbank auto financing in the U.S. In 2013, the companies financed the auto loans or leases of roughly 8.6 million consumers, the agency said.

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