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ARTICLE · 10 MARCH 2023

CFPB Provides Guidance On Auto Finance Data Pilot

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On February 23, the CFPB issued market-monitoring orders to nine large auto lenders to provide information about their auto lending portfolios. According to the CFPB, auto finance market...

United StatesConsumer Protection
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Alyssa Paddock
Alyssa Paddock
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On February 23, the CFPB issued market-monitoring orders to nine large auto lenders to provide information about their auto lending portfolios. According to the CFPB, auto finance market has seen significant change in recent years, resulting in larger loan amounts and higher monthly payments for consumers. As part of monitoring the auto loan market for consumer risks, the CFPB is collecting auto lending data, and issued these orders to the auto lenders to provide certain information about their lending portfolios as part of collecting such data.

The nine auto lenders chosen represent a cross-section of the auto finance market and the CFPB's goal is that the data collected from their responses will help build data that grants insight into lending channels, loan performance, and potential future data collection efforts.

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