The CFPB's regulation of larger volume, non-bank auto finance companies may wind up increasing their level of competition with banks and credit unions, according to trade association sources and regulatory agencies.
On June 10, the CFPB announced the final version of the rule that it will use when regulating non-bank auto finance companies that make, acquire or refinance more than 10,000 auto loans a year. The agency put the number of those companies at 34.
"Auto loans and leases are among the most significant and complex financial transactions in a typical consumer's life," CFPB Director Richard Cordray said when announcing the new regulation. "Today's rule will help ensure that larger auto finance companies treat consumers fairly."
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