The Consumer Financial Protection Bureau remains frustrated that most auto dealers were carved out of the CFPB’s jurisdiction when Congress created the bureau in 2010.
The issue came up multiple times in a recent meeting between CFPB Director Richard Cordray and a delegation from the Consumer Bankers Association, said Reagan Anderson, CBA senior vice president for congressional affairs. She quoted Cordray saying, “‘I don’t oversee dealers; the DOJ does.’” That is, the U.S. Department of Justice.
Cordray hasn’t said much about this in public, but Sen. Elizabeth Warren (D-Mass.), who was the bureau’s first interim director, has been outspoken about how she wants to close what she calls this “loophole.”Like This Post