Buried in the announcement that the Consumer Financial Protection Bureau will now be regulating non-bank auto finance companies, was the announcement that they will also expand their authority into the repossession industry.
- Treating consumers fairly when collecting debts: The Bureau will assess whether auto finance companies are using illegal debt collection tactics. The Bureau will be looking to ensure that collectors are relying on accurate information and using legal processes when they collect on debts. The Bureau also will review the repossession process, including the practices of third-party service providers that are employed to repossess autos.
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