The Consumer Financial Protection Bureau wants more data from finance companies as an extension of its project started a year ago focused on the number of vehicles repossessed and contract modifications.

According to a post recently published in the Federal Register, the CFPB is seeking comments about its proposal to collect a set of data annually from finance companies that originated more than 20,000 contracts during the previous calendar year.

The CFPB also proposed to collect a set of data annually from finance companies that originate more than 500 contracts and fewer than 20,000 contracts in the previous calendar year.

“The CFPB has previously researched and documented significant gaps in available auto finance data which culminated in the initial auto finance data pilot project launched in February 2023,” the bureau said in the Federal Register post.

“The data collected as part of the auto finance data pilot project both confirmed the benefit of additional data collection to fully carry out the CFPB’s mission, to fulfill the CFPB’s mandate to monitor the auto finance market for risks to consumers, and to inform the way the CFPB would propose to collect data in the future,” the regulator continued.

The bureaus said it’s inviting comments about:

—Whether the collection of information is necessary for the proper performance of the functions of the CFPB, including whether the information will have practical utility

—The accuracy of the CFPB’s estimate of the burden of the collection of information, including the validity of the methods and the assumptions used

—Ways to enhance the quality, utility, and clarity of the information to be collected

—Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology

The CFPB indicated comments submitted in response to this notice will be summarized and/or included in the request for approval of this data collection from the Office of Management and Budget.

“All comments will become a matter of public record,” officials said about the opportunity that runs through March 25.