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CFPB official confirms larger participant rule for auto finance coming soon

Posted in Arbitration, Auto Finance, CFPB Exams

Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD.  I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank.  Based on the CFPB’s December 12, 2013 partial release of data, I have predicted that the CFPB will, at a minimum, issue a proposed regulation next year banning the use of class action waivers. 

Steven Antonakes, the Deputy Director, delivered the keynote address this morning as a substitute for Director Cordray.  He confirmed my expectation that the next larger participant rule will relate to the auto finance industry.  Although he did not indicate when the proposed rule will be issued, I would anticipate seeing it during the summer. 

Mr. Antonakes also said that the CFPB is 80% staffed insofar as examiners are concerned and that he expects the examination staff to be fully-staffed within a year.  He also expects that the CFPB will be meeting its deadlines for issuing exam reports within the same time frame.  The CFPB has been criticized for being dilatory in issuing exam reports.