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The Consumer Financial Protection Bureau wants to extend its oversight to large nonbank auto-finance companies to make sure they are not discriminating against consumers. The CFPB announced today its proposed rule to expand its supervision to these companies, which would include the finance arms of auto manufacturers. “Nonbank auto-finance companies extend hundreds of billions of dollars in credit to American consumers, yet they have never been supervised at the federal level,” CFPB Director Richard Cordray said in a statement. “Today’s proposal …
The Social Security Administration is struggling a bit these days. It has 57 million “customers” but no permanent director. It’s absorbed stiff budget cuts in recent years, and the sequester piled on even more. Its computer systems are, relatively speaking, paleolithic. Perhaps nowhere are the agency’s problems more evident than in the program that relies on middle people to receive and handle payments for beneficiaries who are unable to manage their own affairs. While the vast majority of Social Security …
The President has rolled out his plan to reform the financial sector.