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CFPB Proposes Auto Finance Larger Participant Rule, Releases Fair Lending Supervisory Report and Proxy Methodology
22 September 2014
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The CFPB proposed its auto finance larger participant rule, which will bring an estimated 91% of the non-bank auto finance market — 38 firms — under the Bureau’s supervisory authority.
The proposed larger participant rule would define the market for auto finance as auto loans, leases, refinancings and the purchases or acquisitions of credit obligations (including refinancings) and leases. A non-bank auto lender will qualify as a larger participant if it has at least 10,000 in aggregate annual originations.
The Bureau also published a special Supervisory Highlights Report discussing its fair lending supervisory activities in indirect auto lending and a white paper on its proxy methodology used to identify consumer demographic information to analyze potential disparities in dealer participation.
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