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TAG SEARCH RESULT: Consumer Financial Protection Bureau

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January 21, 2016 - Industry News

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Deceptive Practices, fine, pay-here

December 3, 2015 - Industry News

BMO Completes Acquisition of GE's Transportation Finance Business

Photo courtesy of BMO Harris Bank.

The acquisition comes more than two months after BMO Harris Bank informed dealers it was exiting 12 states to refocus its indirect auto business.

Tags: BMO Harris Bank, Consumer Financial Protection Bureau, General Electric, lenders

November 24, 2015 - Industry News

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.

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

October 8, 2015 - Industry News

NADA Files Second Request for Internal CFPB Documents

The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.

Tags: American Honda Finance, Auto Lending, BISG, Center for Responsible Lending, CFPB, Consumer Financial Protection Bureau, Fifth Third Bank, NADA, National Automobile Dealers Association

September 29, 2015 - Industry News

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.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Deceptive Advertising, Department of Justice, discrimination, Fifth Third, Fifth Third Bank

September 17, 2015 - Industry News

NADA Expands Effort to Protect Dealer-Assisted Financing

As part of a new initiative to preserve the indirect financing channel, the National Automobile Dealers Association has created a new website and a video including testimonials from real consumers who benefited from receiving financing through a dealership.

Tags: CFPB, Consumer Financial Protection Bureau, Indirect Lending, NADA, National Automobile Dealers Association

August 27, 2015 - Industry News

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.

Tags: CFPB, consumer complaints, Consumer Financial Protection Bureau, Credit, credit reports, Credit Scores

August 11, 2015 - Industry News

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.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, rate markup, Santander Consumer USA

August 6, 2015 - Industry News

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Source: Flickr

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.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Fifth Third Bank, Honda Financial Services, rate markup, Settlement

July 30, 2015 - Industry News

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.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, e-commerce, Honda Financial Services, Penske Automotive Group, Roger Penske

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 28, 2015 - Industry News

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.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, discrimination, Honda Financial Services, NADA, National Automobile Dealers Association

July 23, 2015 - Industry News

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.

Tags: Asbury Automotive, CFPB, Consumer Financial Protection Bureau, Flat Fees, Quarterly Earnings, rate markup

July 23, 2015 - Industry News

AutoNation’s Jackson Urges Other Lenders to Follow Honda Financial’s Lead

The group’s chief executive reiterated his support for Honda Financial’s new dealer markup caps. He said the policy should serve as a template for the rest of the auto finance industry.

Tags: AutoNation, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, F&I products, Mike Jackson, Quarterly Earnings, rate markup

July 21, 2015 - Industry News

Department of Defense Issues Final Military Lending Act Rule

Today, the Defense Department issued a final rule that expands the types of credit products covered by the 36% rate cap and other military-specific protections under the Military Lending Act.

Tags: CFPB, Consumer Financial Protection Bureau, Department of Defense, military, military loans

July 17, 2015 - Industry News

CFPB Deputy Director Steve Antonakes Steps Down

After nearly five years with the CFPB, Deputy Director Steve Antonakes is stepping down from his position as the bureau’s No. 2 official to spend more time with his family.

Tags: CFPB, Consumer Financial Protection Bureau, employment, Richard Cordray, Richard Hackett

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

July 14, 2015 - Industry News

CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.

Tags: American Honda Finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, rate markup

July 14, 2015 - Industry News

NADA Files Request to Make CFPB Memo Public

The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, Dodd-Frank Act, markups, NADA, National Automobile Dealers Association, Richard Cordray

July 1, 2015 - Industry News

CFPB Preparing to Cite Three Captives, American Banker Reports

According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.

Tags: American Honda Finance, Auto Lending, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Honda, Nissan, Nissan Motor Acceptance Corp., Toyota, Toyota Financial Services, Toyota Motor Credit Corp

June 25, 2015 - Industry News

Supreme Court Upholds Disparate Impact

Source: Wikipedia

In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.

Tags: Ally Financial, CFPB, Consumer Financial Protection Bureau, Disparate Impact, fair lending, Supreme Court

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, Auto Lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

June 18, 2015 - Industry News

BB&T Switching to Flat Fee Compensation Model

BB&T Bank’s dealer finance arm announced today that it is switching to a flat fee compensation model that eliminates dealer markups on retail installment sales contracts, effective July 1.

Tags: Auto Lending, BB&T, CFPB, Consumer Financial Protection Bureau, dealer discretionary compensation, dealer markups, dealer reserve, discrimination, Flat Fees, flat program, flats

June 11, 2015 - Industry News

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance

June 10, 2015 - Industry News

CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies

The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.

Tags: Auto Lending, Auto Loans, CFPB, Consumer Financial Protection Bureau, Regulations, Richard Cordray