Date: December 8, 2014
Issue: Letter to CFPB regarding Auto Finance
Filing Type: Hill
Description: CCMC appreciates the opportunity to comment on the proposal of the Consumer Financial Protection Bureau (the “Bureau”) to define larger participants of the automobile financing market and to define auto leasing as a financial product or service. As the Bureau notes, cars are essential to Americans’ lives. So too is access to the low-cost credit that the bulk of consumers rely on to purchase those cars. The Bureau consequently should refrain from imposing regulatory burdens in the auto financing market that ultimately hurt consumers by pricing them out of the marketplace.