Warren calls for CFPB to be given greater power over auto-dealers
Sen. Elizabeth Warren D-MA said that the Consumer Financial Proteection Bureau (CFPB) doesn&rsquo;t currently have enough power and should be given oversight over auto dealers. She said that the market is thick with loose underwriting standards, predatory and discriminatory lending practices and increasing repossessions.
Warren Wants Auto Dealers’ Scalp, Says CFPB Should Get Oversight

The CFPB doesn’t have enough power as currently authorized under the Dodd-Frank Act and should be given oversight over auto dealers, according to the “mother” of the bureau, Sen. Elizabeth Warren, D-MA. “The consumer agency’s early results have been good for consumers and good for the economy as a whole, but there’s more to be done,” Warren said in a speech last week. “Right now, the auto loan market looks increasingly like the pre-crisis housing market, with good actors and bad actors mixed together.” As the senator sees it, the market is now “thick with loose underwriting standards, predatory and discriminatory lending practices,” and increasing repossessions. She then cited one study that estimated that these kinds of auto dealer markups ...