United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2015_register executive 2018-02-22 article Part VI Rules and Regulations D09002ee1c7f76adb D09002ee1c7f76bf9 United States Bureau of Consumer Financial Protection originator org United States Government Agency or Subagency The Bureau of Consumer Financial Protection (Bureau or CFPB) amends the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for automobile financing. The new section defines a market that includes: grants of credit for the purchase of an automobile; refinancings of such obligations (and subsequent refinancings thereof) that are secured by an automobile; automobile leases; and purchases or acquisitions of any of the foregoing obligations. The Bureau issues this rule pursuant to its authority, under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), to supervise certain nonbank covered persons for compliance with Federal consumer financial law and for other purposes. The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the Bureau has the authority to supervise nonbank "larger participant[s]" of markets for other consumer financial products or services, as the Bureau defines by rule. This final rule identifies a market for automobile financing and defines as larger participants of this market certain nonbank covered persons that will be subject to the Bureau's supervisory authority. It also defines certain automobile leases as a "financial product or service" under section 1002(15)(A)(xi)(II) of the Dodd-Frank Act. Finally, this final rule makes certain technical corrections to existing larger-participant rules. 80 FR 37496 https://www.govinfo.gov/app/details/FR-2015-06-30/2015-14630 2015-14630 fr30jn15-22 RIN 3170-AA46 4810-AM-P Docket No. CFPB-2014-0024 https://www.govinfo.gov/app/details/FR-2015-06-30/2015-14630 https://www.govinfo.gov/content/pkg/FR-2015-06-30/html/2015-14630.htm https://www.govinfo.gov/content/pkg/FR-2015-06-30/pdf/2015-14630.pdf Consumer Protection Credit 32 p. 37496 37527 80 FR 37496 Title 12 Part 1001 12 CFR Part 1001 Title 12 Part 1090 12 CFR Part 1090 RIN 3170-AA46 Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service; Federal Register Vol. 80, Issue RULE 2015-14630 VI BUREAU OF CONSUMER FINANCIAL PROTECTION 2015-08-31 Docket No. CFPB-2014-0024 4810-AM-P 2015-14630 Final rule.

The Bureau of Consumer Financial Protection (Bureau or CFPB) amends the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for automobile financing. The new section defines a market that includes: grants of credit for the purchase of an automobile; refinancings of such obligations (and subsequent refinancings thereof) that are secured by an automobile; automobile leases; and purchases or acquisitions of any of the foregoing obligations. The Bureau issues this rule pursuant to its authority, under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), to supervise certain nonbank covered persons for compliance with Federal consumer financial law and for other purposes. The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the Bureau has the authority to supervise nonbank "larger participant[s]" of markets for other consumer financial products or services, as the Bureau defines by rule. This final rule identifies a market for automobile financing and defines as larger participants of this market certain nonbank covered persons that will be subject to the Bureau's supervisory authority. It also defines certain automobile leases as a "financial product or service" under section 1002(15)(A)(xi)(II) of the Dodd-Frank Act. Finally, this final rule makes certain technical corrections to existing larger-participant rules.

Effective August 31, 2015. Dania Ayoubi or Jolina Cuaresma, Counsels; or Amanda Quester, Senior Counsel, Office of Regulations, Consumer Financial Protection Bureau, 1700 G Street, NW., Washington, DC 20552, at (202) 435-7700. Consumer Protection Credit Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service , http://data.bls.gov/oes/ http://data.bls.gov/timeseries/CMU2025220000000D?data_tool=XGtable http://factfinder2.census.gov/bkmk/table/1.0/en/ECN/2007_US/52SSSZ4//naics∼522320 http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ECN_2007_US_52SSSZ4&prodType=table http://files.consumerfinance.gov/f/201210_cfpb_supervision-and-examination-manual-v2.pdf http://insight.equifax.com/auto-market-revels-in-record-vehicle-loan-totals-a-breakdown-of-the-recent-national-consumer-credit-trends-report/ http://media.marketwire.com/attachments/201403/233081_PaymentHierarchyInfographic2014FINAL.jpg http://mediaroom.kbb.com/2015-01-05-New-Car-Transaction-Prices-Reach-New-Record-Up-Nearly-3-Percent-In-December-2014-According-To-Kelley-Blue-Book http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2462128 http://www.census.gov/cgi-bin/sssd/naics/naicsrch http://www.census.gov/prod/2011pubs/acs-15.pdf http://www.consumer.ftc.gov/articles/0056-understanding-vehicle-financing http://www.consumerfinance.gov/askcfpb/737/what-residual-value.html http://www.consumerfinance.gov/guidance/supervision/manual/ http://www.consumerreports.org/cro/motorcycles-scooters/buying-guide.htm http://www.experian.com/assets/automotive/white-papers/experian-auto-2014-q4-presentation.pdf?WT.srch=Auto_Q42014FinanceTrends_PDF http://www.federalreserve.gov/pubs/leasing/ http://www.federalreserve.gov/pubs/leasing/glossary.htm http://www.newyorkfed.org/householdcredit/2014-q1/data/pdf/HHDC_2014Q1.pdf http://www.ny.frb.org/householdcredit/2014-q4/data/xls/HHD_C_Report_2014Q4.xlsx http://www.oed.com http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_01_11.html http://www.rvia.org/UniPop.cfm?v=2&OID=1004&CC=1120 http://www.transunioninsights.com/studies/behaviorstudy http://www.usatoday.com/story/money/cars/2015/02/18/record-used-car-prices-in-2014/23637775/ Vol. 80, no. 125 Office of the Federal Register, National Archives and Records Administration 2015-06-30 continuing daily deposited born digital 403 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2015-06-30 P0b002ee19887268d 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr30jn15 https://www.govinfo.gov/app/details/FR-2015-06-30 https://www.govinfo.gov/content/pkg/FR-2015-06-30/pdf/FR-2015-06-30.pdf https://www.govinfo.gov/content/pkg/FR-2015-06-30/xml/FR-2015-06-30.xml fdlp 37135 37527 DGPO 2018-02-22 2024-06-02 FR-2015-06-30 machine generated eng FR FR-2015-06-30 80 125