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Financial Services Law Insights and Observations

CFPB asks large auto lenders for origination and servicing data

Federal Issues CFPB Auto Finance

Federal Issues

On February 23, the CFPB sent market-monitoring orders to nine large auto lenders representing a cross-section of the auto finance market asking for information on their lending portfolios. Data collected from the responses on auto loans originated or serviced from January 1, 2018, through December 31, 2022, will be used in the Bureau’s new data set for monitoring the auto loan market. The Bureau announced its intention to create the data set last November (covered by InfoBytes here), explaining that while available data permits market participants to identify and measure certain trends, it is insufficiently granular to fully explore the causes of those trends. Since November, the Bureau has held multiple discussions with stakeholders and has gathered public input into areas in need of greater transparency, including lending channel differences; data granularity, consistency and quality; and loan performance trends. Stakeholders told the Bureau they want insights into the types of technology used during repossession, as well as “access to high-quality, consistent, and regularly published auto lending data.” The Bureau explained that the data set will provide insights into lending channels, loan performance, and inform possible future data collection efforts. The data will not include consumers’ personally identifiable information.