🚗CFPB Proposes Amendments for Larger Participants in Auto Financing
Defining Larger Participants of the Automobile Financing Market
Summary
The Consumer Financial Protection Bureau (CFPB or Bureau) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the automobile financing market established by the Bureau's Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service Final Rule published on June 30, 2015 (Automobile Financing Larger Participant Rule).
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$$ - High
The content discusses proposed amendments to the definition of larger participants in the automobile financing market, which could significantly impact compliance requirements and supervisory oversight for nonbank entities. This will especially affect businesses currently classified as larger participants, potentially altering their operational burdens and market dynamics.