The Consumer Financial Protection Bureau plans to hold a field hearing Thursday on the concerns about how the agency is regulating indirect auto lenders.
CFPB Director Richard Cordray said the hearing is to make sure the agency is engaging with key stakeholders. "I think that's an area where I would agree with some of the criticism in that I'd like there to be a little more openness and transparency. And we're going to provide that," Cordray said at a Senate Banking Committee hearing on the CFPB's semiannual report to Congress.
Concerns have been raised after the CFPB released a bulletin in March saying that the agency would hold auto lenders responsible for any discrimination made by partner dealers, whether it was intentional or not.
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