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December 17, 2015

CFPB Fines CarHop $6.4 Million

The CFPB charged the buy-here, pay-here dealer and its affiliated finance company, Universal Acceptance Corp., with providing inaccurate information to credit reporting agencies for more than 84,000 consumer accounts between January 2009 and September 2013.

December 11, 2015

'Tis the Season to Count Our Blessings

The AFIP’s executive director gives thanks to the regulators and the regulations they enforce. He explains why dealers should do the same.

November 24, 2015

House Committee Report Takes Aim at CFPB’s Proxy Methodology

The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.

November 24, 2015

CFPB Releases Fall 2015 Rulemaking Agenda

The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.

November 19, 2015

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.

November 16, 2015

House to Vote on CFPB-Altering Bill This Week

Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.

November 13, 2015

R.I.P. Payment Packing

The AFIP’s executive director says it’s time to say goodbye and good riddance to a relic of F&I’s past. He explains why ‘a little wiggle room’ hurts new-car gross and puts sales at risk.

November 10, 2015

CFPB Again Rejects NADA's FOIA Request

For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

November 5, 2015

FTC Announces Multiagency Crackdown on Abusive Debt Collectors

Operation Collection Protection has resulted in 115 total actions against debt collectors this year, 30 of which were announced during the FTC’s press conference to announce the multiagency initiative.

October 28, 2015

CFPB Orders SNAAC to Pay $3.28 Million for Illegal Debt Collection Practices

Four months after suing SNAAC for employing illegal debt collection practices, the CFPB has ordered the finance company to pay $3.28 million in refunds and fines to resolve the regulator's claims.