CFPB Eyes Unfair, Deceptive Acts: Here Are Some Tips To Avoid Scrutiny

With a new administration comes new priorities for federal agencies, and the Consumer Financial Protection Bureau (CFPB) is no different. During the Trump administration, the Bureau focused on "educating" consumers. Under President Biden, the CFPB has signaled, through words and actions, a return to significantly more aggressive supervision and enforcement actions.

In recent weeks, and due to the current economic climate, the CFPB has indicated this new approach will focus in part on the automobile lending and servicing industries. Like many other goods and services, the price of vehicles has skyrocketed, leading many consumers to borrow more money to finance the purchase of a vehicle. In the past year, data from the Consumer Price Index shows the price for used vehicles has increased by an incredible 40%, with little sign of abating.