John Redding Quoted in Auto Finance News Article, "CFPB Plans to Expand Oversight to 38 Nonbank Auto Lenders"John C. Redding
John Redding was quoted in Cody Lyon’s Auto Finance News article “CFPB Plans to Expand Oversight to 38 Nonbank Auto Lenders” on September 17, 2014.
Legal experts say the new rule opens the door to onsite access to nonbank lender transactions and data.
“In an investigation context, where they provide a civil investigative demand, they were limited to the scope of the request they made,” said John Redding, partner at Buckley Sandler LLP. “So what this does is broaden what they can look at, at any given time.”
Redding said the new authority will broaden the CFPB’s ability to review the operations of the nonbank finance companies without having to run a formal investigation.