On June 10, CFPB published a final rule today that allows the agency to begin supervising large, nonbank auto finance companies for the first time. The newly adopted rule will extend the CFPB’s supervision to any nonbank auto finance company that makes, acquires or refinances 10,000 or more loans or leases per year. The CFPB also released the examination procedures that will be used to ensure the auto finance companies’ compliance with the law. Press Release. Final Rule. Examination Procedures.
