Hensarling Threatens CFPB With Subpoena Over Auto Finance
March 17, 2014
Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, recently threatened to subpoena the CFPB to supply information on the bureau’s indirect auto lending guidance and the methodology it uses in determining whether fair lending violations exist in that space. “By refusing to disclose this information, the bureau has deliberately deprived indirect auto lenders of any meaningful way to tailor their company’s lending practices and compliance systems so as to mitigate or eliminate the fair lending risk the bureau asserts to be present,” Hensarling said in a recent letter to CFPB Director Richard Cordray.