On June 10, 2015 the CFPB Published their Exam Procedures for the “Larger Participant Rule”.
An Excerpt from the release:
“Auto loans and leases are among the most significant and complex financial transactions in a typical consumer’s life” Richard Cordray, Director of Consumer Financial Protection Bureau – June 10, 2015“The Bureau would be concerned if consumers are being mislead about the benefits or terms of financial products. The Bureau is also looking to ensure that consumers understand the terms they are getting ” (emphasis added)– June 10, 2015 CFPB Press Release.
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Check out the full article HERE on the CFPB’s website.