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CFPB To Oversee Non-Bank Auto Financing Companies

While some folks get their car loans from the bank or credit union, many Americans finance their vehicle purchases through non-bank entities, including auto dealers. But until now, the federal Consumer Financial Protection Bureau only had regulatory authority on car loans issued by financial institutions. A new rule from the CFPB will soon give the agency oversight of the nation’s largest non-bank auto finance operations. [More]