CFPB Plans Regulations of Auto Lenders, Leasing Contracts too

credit=automotive-news-mazda-dealer-posted-daily-business-news-mhpronews-com-In a move that should be monitored by Manufactured Housing (MH) Industry professionals; the Consumer Financial Protection Bureau (CFPB) has published in the Federal Register a proposed rule that could go into effect before the end of 2014, Jim Henry at Automotive News (AN) tells MHProNews.

The cost of compliance obviously is going to be a big issue,” Ballard Spahr law firm attorney John Culhane Jr. said. In September, the CFPB proposed a rule that would regulate nonbanks originating 10,000 or more auto loans and leases a year.

The proposed regulation would include automakers’ captive finance arms and independent lenders, Henry reports.

Mission Creep?

The larger-participants rule could be used to give the CFPB authority to act on cases of alleged “unfair, deceptive or abusive acts or practices…”

MH industry sources speculate this move by the CFPB could lead to outreach efforts between auto lenders, MH Industry finance firms, associations and others seeking to collaborate for regulatory relief. ##

(Image Credit: Automotive News)

CFPB related article:

http://www.MHProNews.com/home/industry-news/industry-in-focus/8460-cfpb-report-alleges-manufactured-housing-lending-is-expensive-sparks-controversial-comments-from-cfed-mhi-and-other-mh-industry-professionals

 

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