CFPB Proposes Rule to Define Larger Participants in Automobile Financing Market

Summary

The Bureau of Consumer Financial Protection (CFPB) is proposing a new rule to define larger participants in the automobile financing market, which would include grants of credit, refinancings, and purchases or acquisitions of credit obligations, as well as automobile leases and lease agreements. The proposal is part of the CFPB's authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).