A new rule proposed by The Consumer Financial Protection Bureau that would define “larger participants” in the auto finance market may give the agency the authority to regulate these lenders, perform examinations, and provide regular supervision.

The addition of auto lenders to the CFPB’s wheelhouse should come as no surprise, said Alan S. Kaplinsky, partner at Ballard Spahr.

“This has been certainly a very high priority of the CFPB since it was organized,” Mr. Kaplinsky told Law360 on Tuesday. “They believe that there is a gap right now. That’s an area they need to cover.”

A proposed rule could show up as early as August, Mr. Kaplinsky said.

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