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TAG SEARCH RESULT: Consumer Financial Protection Bureau

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September 29, 2015

Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.

August 28, 2015

Solving the CFPB Problem

The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.

August 27, 2015

Consumer Complaints Hit 677,000, CFPB Reports

The Consumer Financial Protection Bureau has received more than 677,000 consumer complaints as of August 1, according to the bureau’s monthly consumer complaints snapshot. The biggest increase was in credit reporting complaints.

August 11, 2015

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

August 6, 2015

CFPB Urges Fifth Third Bank to Cap Dealer Markup

The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.

August 5, 2015

Price Point

The New York attorney general’s crackdown on an F&I product provider and the dealerships that sold its credit repair services comes at a time when federal regulators are expected to tighten the screws on add-on sales.

July 30, 2015

Penske: Honda Rate Cap Provides ‘Workable Framework’

This week, Penske Automotive’s chairman said that Honda Financial Corp’s new markup cap will still allow dealers to be fairly compensated. He also noted that the dealer group has had markup caps in place for years.

July 30, 2015

House Committee Passes Bill to Repeal CFPB's Auto Lending Guidance

This week, a U.S. House committee passed H.R. 1737, a bipartisan bill that aims to repeal the Consumer Financial Protection Bureau’s 2013 guidance on dealer participation.

July 28, 2015

NADA Still Pushing For CFPB Transparency

One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.

July 23, 2015

Asbury ‘Comfortable With’ CFPB Limits on Dealer Markup

Asbury Automotive executives were confident that the dealer group’s internal caps on dealer markup and its fixed F&I product prices will keep it safe from any actions by regulators.