Consumer Finance

CFPB Issues Orders to Nine Large Auto Lenders

February 24, 2023

In November 2022, the CFPB announced its intention to build an auto lending data set. In furtherance of that goal, on February 23, 2023, the CFPB issued orders to nine large auto finance lenders. Amongst others, the CFPB seeks information on lending, servicing, defaults, and market values. Here is a sample order. The specified purpose states:

The Bureau is issuing this Order to fulfill its obligations to “monitor for risks to consumers in the offering or provision of consumer financial products or services, including developments in markets for such products or services.” (See Section 1022(c)(1) of the Dodd-Frank Act, 12 U.S.C. § 5512(c)(1).)

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Consumer Finance

CFPB Issues Orders to Nine Large Auto Lenders

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