The CFPB has announced that it will hold an auto finance forum at its Washington, D.C. headquarters on November 14. The event, which will be streamed live on the CFPB’s blog, will feature remarks from CFPB Director Richard Cordray and a discussion with consumer groups, industry representatives, and members of the public.
The CFPB typically uses meetings of this type to announce important developments. I expect Director Cordray to use this occasion to announce a proposed larger participant rule covering the auto finance industry. The Bureau has had a laser-like focus on this industry and already used its enforcement authority to initiate investigations of a number of industry members. I’m sure that the Bureau is chafing at the bit to begin examining the larger industry members.