K&L Gates Legal Insight: Start Your Compliance Engines: CFPB Proposes Rule to Supervise Larger Nonbank Auto Finance Companies
By: Melanie Brody, Anjali Garg, Christa Bieker
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a proposed rule on September 17, 2014, that would empower the Bureau to supervise certain larger nonbank automobile finance companies. The CFPB proposed the rule pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) to supervise nonbank larger participants of certain financial product and service markets for compliance with federal consumer laws.
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