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December 8, 2016 - Industry News

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

Tags: banks, CFPB, Congress, credit unions, Regulations, Senate

December 1, 2016 - Industry News

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.

Tags: CFPB, Congress, U.S. Court of Appeals

August 4, 2016 - Industry News

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.

Tags: American Financial Services Association, Arbitration, CFPB, Congress, Richard Cordray, Senate

December 22, 2015 - Industry News

Provision in New Tax Bill May Benefit Dealers

A provision in the act will grant dealers an additional $8,000 in first year-depreciation for certain business vehicles purchased in 2015. However, to use the provision in 2015, dealers must purchase qualifying vehicles before Dec. 31, 2015. The additional $8,000 continues into 2016 and 2017 but will be gradually phased out starting in 2018, according to the NADA.

Tags: ATD, Congress, legislation, NADA

October 1, 2015 - Industry News

CFPB Accused of Using ‘Junk Science’ to Regulate Auto Lending

CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.

Tags: Auto Loans, BISG, CFPB, CFPB study, Congress, Disparate Impact, NADA

July 30, 2015 - Industry News

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.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, legislation, NADA, National Automobile Dealers Association, Peter K. Welch

July 16, 2015 - Industry News

CFPB’s Cordray Commends Honda’s New Markup Policy

At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.

Tags: CFPB, Congress, consumer complaints, Consumer Financial Protection Bureau, discrimination, Honda Financial Services, Richard Cordray

May 28, 2015 - Industry News

Members of Congress Call on CFPB to Eliminate Arbitration Agreements

U.S. Sen. Al Franken (D-Minn.) is leading an effort by more than 50 members of Congress to spur the CFPB into eliminating the use of forced arbitration clauses in consumer financial service contracts.

More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.

Tags: Arbitration, arbitration agreements, CFPB, Congress, Consumer Financial Protection Bureau, Tom Hudson

April 16, 2015 - Industry News

Second Bill Aimed at Reining in the CFPB Passes House by 401-2 Vote

Sen. Elizabeth Warren (D-Mass.) has called on Congress to impose further reforms on the financial sector that go beyond the Dodd-Frank Act.

Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.

Tags: Auto Lending, Auto Loans, CFPB, Congress, Consumer Financial Protection Bureau, Dodd-Frank Act, legislation, NADA, National Automobile Dealers Association

April 14, 2015 - Industry News

CFPB Faces Mounting Criticism, New Bipartisan Bill

On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.

Tags: Ally Financial, CFPB, Congress, Consumer Financial Protection Bureau, Department of Justice, Indirect Lending, legislation, Richard Cordray

March 17, 2015 - Industry News

Cordray: CFPB Disagrees With Conclusions of CRA Study

CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.

Tags: American Financial Services Association, BISG, CFPB, Congress, Consumer Financial Protection Bureau, Richard Cordray, Study

September 16, 2014 - Industry News

NHTSA Fumbled GM Recall, House Reports

A House committee released a report this week that raised questions about how the National Highway Traffic Safety Administration responded to consumer complaints regarding faulty ignition switches on GM vehicles.

Tags: Congress, General Motors, General Motors Recall, National Highway Traffic Safety Administration

September 11, 2014 - Industry News

NADA Shows Support for New CFPB Reform Bill

The NADA is urging Congress to pass a new bipartisian bill introduced this month that would nullify the CFPB’s guidance on auto lending and require more transparency from the bureau in the future.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, legislation, NADA, National Automobile Dealers Association

April 3, 2014 - Industry News

CFPB Whistleblower: Bureau’s Discrimination Problem ‘Bigger Than Any Report’

Angela Martin testified before Congress this week that the Consumer Financial Protection Bureau has a widespread culture of discrimination and retaliation against its employees.

A lawyer with the CFPB’s Office of Enforcement made an impassioned plea before Congress yesterday, asking that the agency’s widespread discriminatory and retaliatory practices against its employees be curtailed.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, employment, Equal Employment Opportunity Commission

March 20, 2014 - Industry News

CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, Richard Cordray

March 11, 2014 - Industry News

Lawmakers Question CFPB’s Internal Management Practices

Three Republican lawmakers are requesting information from the CFPB regarding employee performance reviews after reports surfaced last week about possible racial disparities related to its internal management practices.

Tags: Auto Loans, Brittany-Marie Swanson, CFPB, Congress, Consumer Financial Protection Bureau, discrimination

August 13, 2013 - Industry News

CFPB Responds to House Republicans

The CFPB was short on details when it responded last week to 35 House Republicans who requested additional information on the bureau’s review of dealer participation programs.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination

June 25, 2013 - Industry News

House Republicans Call CFPB Agenda a ‘Loss to Consumers’

Thirty-five congressional republicans warn the bureau that reforms it seeks in the auto finance industry could weaken marketplace competition and hurt a consumer’s ability to obtain the best financing terms.

Tags: auto finance, CFPB, Congress, Consumer Financial Protection Bureau

May 30, 2013 - Industry News

House Democrats Question CFPB Probe of Auto Finance

Thirteen Democrats in Congress sent a letter to the CFPB's Richard Cordray, asking for “any and all background information” on the bureau's investigations of auto finance.

Tags: Auto Lending, CFPB, Congress, Consumer Financial Protection Bureau, discrimination

August 14, 2012 - Industry News

Dealers Urge Congress to Avoid Another Debt Crisis

The NADA and the ATD are urging members to reach out to lawmakers regarding key tax-related issues.

Tags: ATD, auto dealer, Congress, Dick Witcher, NADA, Senate

July 26, 2012 - Industry News

House Passes Bill to Eliminate 'Obsolete' Dealer Mandate

Bill aimed at repealing law that requires dealers to provide customers with car insurance comparison booklet heads to the Senate after passing out of the House of Representatives..

Tags: Bill Owens, car insurance, Congress, Gregg Harper, HR 5859, NADA, Relative Collision Insurance Cost Information

July 19, 2012 - Industry News

Service Advisor Overtime Exemption Preserved

House subcommittee votes that service advisors remain exempt from overtime pay requirements; the bill will now head to the full House Appropriations committee.

Tags: and Education Appropriations, Bill Underriner, Congress, Department of Labor, Health and Human Services, Labor, NADA

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