Auto-dealing Under the Dodd-Frank Act
July 29, 2010 | Financial Reform Bill - CFPB | Comments (0)
According to the Cars Blog on ConsumerReports.org, the Dodd-Frank Act would give the CFPB authority to regulate only direct dealer lending. Most auto dealers act as brokers – providing loans from third-party lenders, such as banks and credit unions. The lenders and loans themselves will be under CFPB authority, as opposed to the people you buy cars from…in most cases.
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