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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.
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