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John C. Redding was quoted in SubPrime Auto Finance News article, “4 trade associations cheer Senate vote to repeal CFPB auto finance bulletin”

SubPrime Auto Finance News

John C. Redding

John C. Redding was quoted on April 19, 2018 in a SubPrime Auto Finance News article, “4 trade associations cheer Senate vote to repeal CFPB auto finance bulletin,” which discussed some industry optimism following passage of the Congressional Review Act Resolution (S.J. Res. 57) to repeal the 2013 Auto Finance Bulletin issued by the Consumer Financial Protection Bureau. The article did, however, note that the optimism was not universal. “Not all assessments about Wednesday’s developments were as rosy as what these four associations shared” and offered comments by Redding: “While the CFPB’s 2013 Bulletin on dealer markup is considered offensive by many in the industry, the Senate bill introduced last month to eliminate it is not going to change much. The pursuit to eliminate the bulletin may have more to do with the fact that the ‘industry has found it offensive that (lenders) be responsible at the finance source level for actions that they don’t undertake. If you get rid of the bulletin, I’m not sure it changes a whole lot at the bureau except for the ability of industry to point at the bulletin and say, ‘I did everything you told me to do in your rule, and yet you are coming after me for doing exactly that.’”

Click here to read the full article.