Joel Kennedy, the newly elected president of the NAF Association, and I met recently with CFPB representatives Jennifer Stockett, Deputy Assistant Director, Office of Financial Institutions & Business Liaison and Andrew Duke, Policy Associate Director, External Affairs. The meeting provided Jennifer and Andrew with the opportunity to learn about the NAF Association and what we do, and hopefully, will assist us in opening the door to future meetings with the Bureau.
We felt that a meeting would be worthwhile since many of the CFPB’s initiatives in the auto financing area are done to benefit the economically and educationally disadvantaged, as well as minority populations. These groupings are a core community serviced by the non-prime auto financing industry. We explained the NAF Association exists to see that these people and the companies that provide them vehicle financing, our members, are treated appropriately.
Our aim is to be viewed by the CFPB as a resource. When they have questions or want to obtain information about sub-prime borrowers or sub-prime finance companies, our hope is that they will contact us. We provided them with a copy of our current survey of the non-prime auto financing industry.
We are planning future meetings with the CFPB and will keep you advised of our interactions with them.