The Consumer Financial Protection Bureau has been out of the news as of late. With President Obama finally selecting someone to lead it, it’s now in its infancy and about to embark on what it was created to do. To this extent, Autonews.com reports that members of the CFPB have begun to meet with auto loan traders. With so much mystery behind just what the bureau intends to do, the members of the American Financial Services Associations who were involved in the private meetings walked away with optimism about what was going to happen next.
AFSA CEO Chris Stinebert was impressed by the agencies want to make measures based entirely on data rather than knee jerk reactions. “There are some good people at the CFPB — honest, dedicated, hardworking people with good experience and background. We have been very encouraged in our dealings with them. They are not shooting from the hip. They state repeatedly they want to base decisions going on facts — not on anecdotes, but on data, on empirical research. If that is true, then we have very limited concerns.”
CFPB Assistant Director Richard Hackett echoed this approach to regulations they would pass. “Our decisions on use of regulatory tools, whether enforcement, supervision, or otherwise, will be informed by data from stakeholders, including industry.”
According to the article, auto dealers will be exempt from the bureau with the exception of buy here, pay-here stores. That being said, it’ll be impossible for dealers not to be affected by what happens to the auto lenders. That leaves many of the lenders still anxious to see what happens next. Bill Himpler, the AFSA executive vice presidents said, “Despite what we hear from the CFPB staff, what we hear from the field I don’t think really lowers our anxiety level.”
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