Vendor Transparency Solutions and Weltman, Weinberg & Reis are joining forces again for another free webinar — this time focusing on what the Consumer Financial Protection Bureau’s larger participant rule proposal means for nonbanks in the auto financing market.

Partner Michael Dougherty plans to ask two important questions: Are you now regulated by the CFPB, and, if so, what does it mean?

“The CFPB recently announced its proposal for defining who is a larger participant in the automobile financing market,” Dougherty said. “The proposal sets forth who is now a CFPB regulated entity and defines the scope of potential oversight and regulation.  

“The CFPB proposal addresses issues surrounding buy rates and any discretionary dealer markups to the buy rate.  It further sets forth the roadmap for lenders to use when establishing their dealer management compliance system especially as it relates to the ECOA and UDAAP,” he continued.

“The comment period for this proposal will end quickly, so understanding how this new proposed regulation will affect your business model is of great and urgent importance,” Dougherty went on to say.

The one-hour free webinar is set to begin at 2 p.m. EDT on Friday.

Finance company executives can complete the registration for the session here.