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John Redding Quoted in Auto Finance News Article, “Regulators to Discuss Changing Compliance Landscape at AFRCS”

Auto Finance News

John C. Redding

John Redding was quoted on April 25, 2017 in an Auto Finance News article, “Regulators to Discuss Changing Compliance Landscape at AFRCS.” The article discussed the upcoming Auto Finance Risk and Compliance Summit in May and the increasing focus on compliance in the auto finance industry. The article noted, “Lenders have pointed to the CFPB Fair Lending Director Patrice Ficklin’s December guidance, which did not list auto finance among the bureau’s top priorities, as a sign that regulatory scrutiny will calm down.”

Redding noted, “People are starting to understand that the bureau is still actively looking at auto finance, but I think [the CFPB] is looking at it differently. He added, “The industry is understandably asking, ‘Do we need to maintain our compliance management system? Do we need to keep looking at the various issues that the bureau may be interested in?’ The answer is yes, we need to keep looking, but I think we need to understand what we need to be looking at.”

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