On July 31, 2015 the Consumer Financial Protection Bureau rule that enables the CFPB to supervise the biggest nonbank automobile finance companies will take effect, subjecting the auto finance industry to new and unprecedented regulatory scrutiny. Finance companies across the country are bracing for their first CFPB examinations. Given the recent CFPB settlement with one of the biggest finance companies, nonbank auto lenders should pay special attention to fair lending risk as they build out their compliance functions.
Read more at our client alert at: http://www.reedsmith.com/Adjusting-to-CFPBs-Auto-Finance-Examination-Authority-08-12-2015/