In a new blog post, the CFPB highlighted how the cost of automobiles has risen substantially since the beginning of the COVID-19 pandemic and that auto loans are on track to outpace student loans in the first half of 2023.
Recognizing the bureau doesn’t have the same type of granular data about the auto lending market as it does with mortgage or student loans, the CFPB is seeking input from the public. Submissions will be accepted until Dec. 19.
“The CFPB is seeking to build a new data set that will allow for a more robust understanding of market trends,” authors noted in the blog post. “This may include, for example, collecting retrospective data from a sample of lenders that represent a cross-section of the auto lending market.”
In addition, the bureau plans to convene industry stakeholders and other agencies to gather input on the current data landscape.
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