As auto delinquencies rise, CFPB seeks to cut oversight
Key Insight: The Consumer Financial Protection Bureau's proposal comes as auto loan delinquencies are hitting their highest levels in decades. What's at Stake: Banks object to reduced supervision of nonbanks, arguing that the Dodd-Frank Act specifically requires consistent oversight of banks and nonbanks. Supporting Data: If the CFPB adopts a rule raising auto loan thresholds, the bureau would supervise just five auto finance lenders, up from 63 currently.The Consumer Financial Protection Bureau wants to cu ...