John Redding Quoted in Auto Finance News Article, "CFPB 'Larger Participant' Rule's Comment Period Coming to a CloseJohn C. Redding
John Redding was quoted in Larissa Padden's Auto Finance News article, titled "CFPB 'Larger Participant' Rule's Comment Period Coming to a Close," on December 8, 2014.
The proposed rule currently proposes that companies which make, acquire, or refinance at least 10,000 or more loans or leases in a year, would be subject to CFPB supervision to ensure they are complying with federal consumer financial law.
“There are a number of areas in which we’re likely to see comments, including the threshold, the limit of 10,000 contracts,” Redding said. “I think we’ll see a number of comments that that threshold is too low. I also think that you’re going to see comments regarding securitizations and requests for clarification. And then I think you may also see comments regarding the inclusion of motorcycles in the definition of automobiles.”