Cordray Drives Home the Need for Auto Finance Oversight

CFPB Director Richard Cordray shared an address at the Auto Finance Field Hearing regarding the need for regulatory oversight of the auto financing industry at the federal level. He explained, "given the significance and breadth of this market, it is critical that we keep a watchful eye on how consumers are being treated." Cordray went on to underscore the weight of this industry, stating that many consumers choose to pay their auto loan before credit card or mortgage loans. [9/19/14]