Auto Dealers, Lenders Brace for Stiffer Regulation Under Biden A retooled Consumer Financial Protection Bureau, likely to be led by Biden nominee Rohit Chopra, tops the list of dealer and auto lender concerns, after relatively benign treatment of dealers under the Trump Admin.’s CFPB, attorney Randy Henrick says.
As expected, the Biden Admin. is reviving a regulatory environment that’s hostile to auto lenders and dealers, speakers say during a webinar hosted by the Association of Dealership Compliance Officers of Colleyville, TX.
“It’s a different political climate than it was a year ago, and it’s not favorable to automobile dealers,” says attorney Randy Henrick, president of Randy Henrick & Associates, Oyster Bay, NY.