WASHINGTON D.C. — Several American Financial Service Association board members and staff met recently with the Consumer Financial Protection Bureau Director Richard Cordray and other senior officials to discuss some issues that directly affect the automotive industry, as well as familiarize themselves with the new association’s membership.

And the discussion broached several topics that have been on dealers and industry experts’ minds the past few months. 

Cordray asked about the customer profile for personal installment loans, and he wondered what happens when lenders must turn borrowers away, officials explained.

Moreover, he then noted that finance companies broaden the availability of consumer credit.

He also questioned the CFPB on state laws and licensing for vehicle finance and personal loans.

Lastly, Cordray touched on why traditional, personal, installment and auto loans have performed well in recent years while some mortgage loans have not.

And as for the other meeting participants, they discussed “ability to repay” and underwriting trends, officials explained.

Cordray then listed the CFPB’s top priorities, which include credit cards, private student loans and developing a supervisory regime that will not seek to disrupt what is working in the marketplace.

Also of interest, he said that AFSA members’ model of installment lending has not been high on the bureau’s priorities to date, officials reported.

The agency has been focused on the numerous statutory requirements mandated by the Dodd-Frank Act, they continued.

And as of the meeting’s close, both the director and his staff expressed eagerness to learn more about the industry.