On September 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a new proposed rule that would extend CFPB oversight to nonbank auto finance companies that make, acquire or refinance 10,000 or more loans or leases in a year for compliance with federal consumer financial law. The CFPB proposal would: (i) extend oversight to the disclosure and marketing that non-bank auto finance companies give to consumers; (ii) monitor the information provided by an auto finance company to credit bureaus; and (iii) examine the debt collection tactics of auto finance companies. Comments on the CFPB proposed rule should be submitted no later than November 16, 2014.

The full text of the CFPB proposed rule is available at:

http://www.consumerfinance.gov/f/201409_cfpb_proposed-rule_lp-v_auto-financing.pdf.