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June 3, 2016

Hanging in the Balance

The compliance gurus at F&I Think Tank agreed that a lot is riding on the outcome of November’s presidential elections — including the fate of the F&I department.

June 2, 2016

CFPB Issues Small-Dollar Lending Rule

The Consumer Financial Protection Bureau used its field hearing today to issue its proposed rule targeting what Director Richard Cordray called “payday debt traps.”

May 18, 2016

Reuters: Trump to Release Plan for Dismantling Dodd-Frank

Republican Presidential candidate Donald Trump told Reuters he would release a plan in about two weeks for overhauling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

May 18, 2016

CFPB: 20% of Single-Payment Auto Title Loans End in Repossession

A report form the CFPB found that about 20% of auto title loan borrowers end up having their car or truck seized by the lender for failing to repay their debt. Eighty percent fall into a debt trap, with more than 66% having to take out seven or more consecutive loans to fully repay their debt.

May 10, 2016

CFPB Issues Proposal to End Forced Arbitration

At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.

April 12, 2016

Compliance Summit to Hit Tampa, Las Vegas in 2016

Organizers of Compliance Summit, a series of regional events dedicated to front-end compliance for dealers and dealership management, announced that events will be held in Tampa and Las Vegas this year following stops in Chicago and Austin, Texas, in 2015.

March 21, 2016

House Democrats Join Republicans in CFPB Grilling

Republicans were expected to lash out at the CFPB during its semi-annual report to Congress, but there were a few unexpected critics from the other side of the aisle as well.

March 10, 2016

House Committee, CFPB Director to Face Off Next Week

Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.

March 4, 2016

4 Social Media Landmines

Dealership expert identifies four common landmines dealers run into when marketing on social media, and offers recommendations for staying out of the crosshairs of regulators.

March 2, 2016

Tom Hudson Joins Dealer Summit Roster

Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.