John Redding Quoted In Auto Finance News Article "CFPB 'Larger Participant' Rule Still A No-Show in Register"John C. Redding
John Redding was quoted in Larissa Padden's Auto Finance News article, "CFPB 'Larger Participant' Rule Still a No-Show in Register," on Friday, October 3, 2014.
“There’s not any standard amount of time, we’ve seen that the CFPB will announce a proposed rule and that some number of days will pass before it’s published,” Attorney John Redding, Partner at Buckley Sander LLP, told Auto Finance News. “It’s not unusual. We’re expecting it any day now.”
Under the Administrative Procedures Act, any government agency proposing a new rule is required to put it out for public comment to give industry consumers and others the opportunity to express their thoughts or concerns on what is being proposed, before the final rule is issued, according to Redding.
“The reason that’s important is that those comments can then impact or effect what the final rule looks like,” Redding said. “So, for instance, they may make an adjustment to what is included or excluded from the definition of ‘automobile.’ They may make a change as to the threshold: is it 10,000 accounts or is it 20,000 accounts, or is it 50,000?”