Intensified examination of pricing and underwriting practices necessitates that auto lenders thoroughly assess their portfolios, underwriting practices, and pricing policies to ensure adherence to regulations. The Consumer Finance Protection Bureau is placing emphasis on discriminatory pricing of supplementary products like guaranteed asset protection (GAP), taking action against the permissibility of cancelation fees, as well as the calculation and timing of …
FAQ
1. What should auto lenders review in response to increased scrutiny of pricing and underwriting practices?
Auto lenders should closely examine their portfolios, underwriting habits, and pricing policies to ensure compliance with regulations.
Conclusion
It is crucial for auto lenders to stay updated on regulatory changes and ensure that their pricing and underwriting practices are in line with the requirements set by the Consumer Finance Protection Bureau.
