CFPB Auto Finance Supervisory Highlights Issue 35

CFPB Supervisory Highlights

Published October 1st, 2024

Detected February 7th, 2026

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Summary

The CFPB has released its Fall 2024 Supervisory Highlights, focusing on auto finance. The report details findings on origination disclosures, repossessions, servicing, add-on products, and furnishing deficiencies, highlighting a trend of significant violations. It also notes public enforcement actions within the auto finance market.

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What changed

The Consumer Financial Protection Bureau (CFPB) has issued its Fall 2024 Supervisory Highlights, focusing on the auto finance market. This edition details supervisory observations and findings related to origination disclosures, repossession activities, servicing practices, add-on products, and furnishing deficiencies. The report highlights a trend of significant violations, particularly concerning add-on products, and also references public enforcement actions taken by the CFPB in this sector. The total auto loan debt in the US exceeds $1.6 trillion as of Q2 2024.

This guidance serves to inform auto finance companies about common compliance issues and supervisory expectations. Companies should review their practices in the areas identified, including origination, servicing, repossessions, and the sale and servicing of add-on products, to ensure compliance with federal consumer financial laws. Failure to address these issues could lead to enforcement actions, penalties, and reputational damage. The document also serves as a warning to the industry regarding the CFPB's focus on these practices.