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John C. Redding Quoted in Auto Finance News Article, “Acting Director Mulvaney Issues Review of CFPB Enforcement Operations”

Auto Finance News

John C. Redding

John C. Redding was quoted on January 22, 2018 in an Auto Finance News article, “Acting Director Mulvaney Issues Review of CFPB Enforcement Operations,” which discussed CFPB acting Director Mick Mulvaney’s decision to review and request public comments regarding all areas of the agency, starting with the civil investigative demands process. The article stated that “Mulvaney is issuing requests for information on enforcement, supervision, rulemaking, market monitoring, and education activities at the agency, according to a press release Wednesday. Mulvaney — who has previously questioned the CFPB’s existence — is initiating the process to ‘critically examine the CFPB’s policies and practices,’ he said in the release.”

Redding added, “While these changes are likely to take years to implement, many auto lenders are seeking a narrower focus to the parameters of CIDs. Too often, a CID can appear to be an overly broad fishing expedition without sufficient focus, coupled with an unwillingness to modify deadlines in any reasonable manner, regardless of the circumstances. We certainly anticipate that any broader process changes will benefit the auto finance industry.”

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