CFPB announces repeat offender, auto lending initiatives

Even as its future funding remains unclear, the CFPB has announced two new initiatives—one to increase its focus on repeat offenders and the other to gather information about the auto lending industry.

A federal appeals court has ruled that the CFPB’s funding is unconstitutional since it comes directly from the Federal Reserve and not through the appropriations process. The Biden Administration has appealed that case to the U.S. Supreme Court.

While the high court decides whether to accept the case, agency officials have made it clear that they will not let up on scrutiny of the financial services industry.

Repeat Offenders

In its most recent supervisory highlights, released last week, CFPB officials announced the formation of a Repeat Offender Unit.

 

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