In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios. These lenders consisted of banks, finance companies, and captive lenders (manufacturer-owned finance companies that generally provide below-market interest rate auto financing to consumers).… Continue Reading

Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory pre-dispute arbitration agreements in connection with consumer financial products and services.… Continue Reading

As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of 1,000 credit card holders to ascertain their awareness of and perceptions regarding the arbitration provisions in their contracts.… Continue Reading