CFPB Focusing on Military Auto Lending

You have probably heard that a new federal bureau, the CFPB (Consumer Financial Protection Bureau), has been established under the auspices of the FTC (Federal Trade Commission).  Well, everybody is still trying to figure out exactly how the CFPB will operate.  In Texas this past week, there was a roundtable discussion between used auto dealers, military auto loan companies, and military officers and advisers to discuss the potentially unethical practices directed toward young servicemen and women who want to buy or finance a car.  There was, apparently, a good bit of outrage on the part of the automotive representatives, who felt as if they were being accused of predation and unethical practices they did not commit.  But these kinds of growing pains are necessary for the bureau to move forward.