The Consumer Financial Protection Bureau (CFPB) has published a rule that expands the CFPB’s supervision to nonbank auto finance companies for the first time. The CFPB currently supervises automobile financing at the largest banks and credit unions. Pursuant to the CFPB’s authority under Dodd-Frank, the new rule extends the CFPB’s supervision to nonbank auto finance
Regulatory, compliance, and litigation developments in the financial services industry