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John C. Redding Quoted in Auto Finance News Article, "CFPB Targeted Markup From Outset, Rep. Hultgren Says”

Auto Finance News

John C. Redding

John C. Redding was quoted on April 7, 2017 in an Auto Finance News article, “CFPB Targeted Markup From Outset, Rep. Hultgren Says.” The article discussed Congressman Randy Hultgren’s accusations that the Consumer Financial Protection Bureau (CFPB) has been “pursuing dealers through enforcement actions against auto lenders.” Congressman Hultgren noted the CFPB’s previous focus on the regulation of lenders only, but added this is no longer the case after reviewing documents from the House Financial Services Committee. One of the documents stated, “To figure out what to do about disparate impact, the thought is we should eliminate dealer markup.”

Redding said, “While there are not necessarily any immediate or direct consequences to the accusations made during the hearing, it is possible that further inquiries or investigation into those matters could occur.” The CFPB Director, Richard Cordray, has denied all allegations. Redding added, “It is also likely that Cordray will look into some of the matters raised if for no other reason than to ensure he and the Bureau are not surprised later should anything come to light.”

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