CFPB’s Hackett to Depart Bureau
A spokesperson with the CFPB confirmed yesterday that Rick Hackett will depart the bureau later this summer. He was hired in May 2011 to oversee installment lending markets, including auto finance.
WASHINGTON — Richard Hackett, hired by the Consumer Financial Protection Bureau in May 2011 to oversee installment lending markets, is planning to leave the bureau later this summer, a spokesperson for the agency confirmed on Wednesday. No further details were provided.
Hackett will be the fourth top official to depart the bureau this month. The other three officials, Garry Reeder, the bureau’s chief of staff, Chris Haspel, senior advisor for mortgage servicing and securitization, and Mitchell Hochberg, regulatory senior counsel, will join Raj Date, the CFPB’s former deputy director, at Fenway Summer LLC, a consumer finance advisory and investment firm.
“We appreciate the opportunity to engage with Rick Hackett during his tenure at the CFPB,” the National Automobile Dealers Association said in a statement issued to F&I and Showroom magazine. “And we look forward to continuing to work with the other members of the agency’s staff.”
Bill Himpler, executive vice president of the American Financial Services Association (AFSA), added: “Rick has been one of the more accessible members of CFPB’s staff, and we appreciate his participation at several AFSA events. He was a valuable conduit between the CFPB and the industry.”
The news of Hackett’s departure comes 14 days after he appeared as a keynote speaker at the National Automotive Finance (NAF) Association 17th annual Non-Prime Auto Finance Conference, where he told auto finance execs that there is “an integrated effort across the bureau to apply different talent and tools to auto finance.” He also confirmed that supervisory investigations of auto finance sources are underway, and added that the bureau is most interested in exploring the effect of dealer markups on protected classes.
“We don’t think discretionary pricing is per se illegal,” he told conference attendees. “And we look forward to continuing to work with the other members of the agency’s staff.”
According to the CFPB Monitor, a blog produced by the Consumer Financial Services Group at Ballard Spahr, a regulatory advisory firm, Hackett’s responsibilities overseeing auto finance and student loans will be temporarily assigned to Rohit Chopra, the bureau’s student loan ombudsman, and Corey Stone, the CFPB’s assistant director for deposits, cash, collections and reporting markets. Bureau officials decline to confirm the report.
The blog said Hackett’s departure represents “a significant loss for the CFPB, particularly because he is one of the few CFPB attorneys with a strong industry background.”
Hackett also appeared at the AFSA’s Vehicle Finance Conference in February, where he told attendees that the bureau was interested in credit reporting agencies, buy-here, pay-here operations, sales to military personnel, negative equity advertising and privacy issues. He also announced that the CFPB would release guidance on finance source policies related to dealer participation, which the bureau did 42 days later.
The bureau’s guidance stated that finance sources that allow for dealer markup could be held liable for unlawful discriminatory pricing.
“We recognize that the people in this room are critical to the economy, and that the [asset-backed securities] market for the industry is robust and growing without federal assistance,” Hackett said at the Vehicle Finance Conference. “Our job is to spot trends. We have a congressional mandate to protect consumers and we will continue to do so.”
More F&I

Modern Technology Objection Handling
In this video, Trent White shares how to confidently handle technology-based objections by helping customers understand the value of protection, even with modern vehicle technology.
Read More →
Consistency at Scale: Driving F&I Performance
With 75 rooftops across the Sunshine State, Morgan Auto Group has proven to Floridians that it knows a thing or two about driving performance in a competitive market. But it didn’t start at the top.
Read More →
Gitty Up on GAP
The foundational finance-and-insurance product hasn’t kept up with the latest conditions for auto dealers. Is the time ripe?
Read More →
How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →