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John C. Redding Quoted in Auto Finance News Article, “CFPB’s Long Road Ahead: Is the Bureau Unwinding Amid Leadership Change?”

Auto Finance News

John C. Redding

John C. Redding was quoted in a January 2018 Auto Finance News article, “CFPB’s Long Road Ahead: Is the Bureau Unwinding Amid Leadership Change?” which discussed the uncertainty of some polices following the appointment of Mick Mulvaney to the CFPB. The article stated, “Mulvaney instituted a hiring and enforcement freeze at the bureau despite 14 open enforcement matters on his desk, according to The Washington Times. All the while, Mulvaney has been battling the CFPB’s Chief of Staff Leandra English, appointed acting director by Cordray when he left.”

Redding added, “One of the more significant issues is the final act by Director Cordray, which has likely created some significant confusion and perhaps disagreement impacting the CFPB’s ability to proceed.” He also noted one of the beneficial implications for the auto industry is looking into the CFPB and DOJ’s Bayesian Improved Surname Geocoding methodology to determine fair lending. He said, “I think that kind of issue will be looked at from an enforcement perspective and if it is effective in fair lending.”

In addition, Redding noted that Mulvaney will not be the person to restructure the CFPB. He said, “The expectation is that he will return to the Office of Management and Budget when someone is appointed permanent director. I think first and foremost for 2018, we are expecting a full-time permanent director to be acknowledged and put through by the Trump administration.”

Click here to read the full article.