“If the proposed rule is implemented, there will be a significant impact to our P&L in the near term relative to what our path would have been. However, we have a set of mitigating actions that we're working through that we believe will gradually resolve this impact, a couple of years after the rule goes into effect.”

In context

“ds. We continue to believe that an important part of the value proposition with investors and the benefit of the years of investment we're making is to continue to drive greater operating efficiency. So, did you have a CFPB question? Yes. So let me turn, Ryan, to talk about that. So the CFPB's late fee proposal as currently contemplated would reduce late fees by approximately 75%. While the CFPB's proposal has not been finalized, we expect the CFPB to publish a proposal soon. And once the CFPB publishes its final rule, we expect there to be industry litigation that could delay or block the implementation of the rule. This litigation will likely delay the implementation of the rule until at least the second half of this year and maybe longer. You saw we talked about an estimate of October. If the proposed rule is implemented, there will be a significant impact to our P&L in the near term relative to what our path would have been. However, we have a set of mitigating actions that we're working through that we believe will gradually resolve this impact, a couple of years after the rule goes into effect. And these choices include changes to our policies, our products, and investment choices. Some of these actions will take place before the rule change takes effect and a few are already underway, many will come after the rule change takes effect. Jeff Norris: Next question, please. Operator: Our next question comes from the line of Arren Cyganovich with Citi. Your line is open. Arren Cyganovich: Thanks. I was hoping you talk a little bit about the auto business. You continue to kind of pull back a little bit from that side, thinking about how you're feeling about potentially increasing some originations. Still a healthy amount of originations at $27 billion this year, but just wondering when you might make a pivot there. Richard Fairbank: Thanks, Arren. So, we've been cautious in auto for”