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TAG SEARCH RESULT: Consumer Financial Protection Bureau

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April 23, 2015 - Industry News

AutoNation's PVR Average Surpasses $1,500

For the first time, the public dealer group’s F&I profit per deal average surpassed the $1,500 mark. Officials said the company will continue to emphasize F&I product sales as it preps for the launch of an AutoNation-branded maintenance contract later this year.

Tags: AutoNation, CFPB, Consumer Financial Protection Bureau, F&I products, First Quarter, Maintenance plan, Mike Jackson, Online Buying, Quarterly Earnings

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 26, 2015 - Industry News

Senator Proposes Amendment to Reign In ‘Rogue’ CFPB

Proposed last week, an amendment to the Senate’s 2015 Budget Resolution would give Congress oversight of the CFPB, which currently has a budget of about $600 million and operates under the Federal Reserve.

Tags: amendment, budget, Consumer Financial Protection Bureau, Federal Reserve, Senate

March 19, 2015 - Industry News

CFPB to Allow Consumers to Voice Complaints Publicly

The CFPB is finalizing a policy that would allow consumers to publicly share their stories when they submit complaints to the bureau. The regulator is also seeking public comment on ways to highlight positive consumer experiences.

Tags: CFPB, Consumer Credit, Consumer Financial Protection Bureau

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

March 11, 2015 - Industry News

Arbitration Clauses Limit Consumer Relief, CFPB Says

In a report released this week, the regulator revealed that 75% of consumers did not know whether they were subject to an arbitration clause in their agreements with their financial service providers. The study covered six different consumer finance markets, including auto loans.

Tags: arbitration agreements, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act

February 24, 2015 - Industry News

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), Debt Collection, Department of Justice, Federal Trade Commission, FTC, Settlement

February 19, 2015 - Industry News

Five Trade Groups Urge CFPB to Fix ‘Flaws’ in Fair Lending Enforcement

A coalition of five trade groups representing the nation’s largest auto finance sources urged the CFPB to review and respond publicly to a study that questions its methodology for measuring disparities in dealer reserve.

Tags: BISG, CFPB, Consumer Financial Protection Bureau, discrimination, fair lending, lenders, NADA, reserve, Study

January 8, 2015 - Industry News

RoadVantage Unveils Web-Based Compliance Management System

Created by attorneys specializing in dealership defense, the web-based RoadVantage CMS is a turnkey solution designed to help dealers ensure compliance with the CFPB’s standards.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, RoadVantage

December 30, 2014 - Industry News

CFPB: Servicemembers Harmed by Loopholes in Military Lending Act

A report released Monday by the regulator highlights how loopholes in the current Military Lending Act rules are racking up the costs of loans for servicemembers.

Tags: CFPB, Consumer Financial Protection Bureau, military, military loans

December 16, 2014 - Industry News

Credit Acceptance Subpoenaed by DOJ

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena

December 11, 2014 - Industry News

Lender Trade Group Urges CFPB to Reconsider Larger Participant Rule

In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.

Tags: American Financial Services Association, Auto Lending, Consumer Financial Protection Bureau, Finance

December 9, 2014 - Industry News

DOD Bans Military Allotments for Personal Property Purchases

Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.

Tags: Consumer Financial Protection Bureau, department of defense, military

December 4, 2014 - Industry News

CFPB, DOJ Now Targeting Honda's Captive

Honda revealed in a regulatory filing this week that its captive finance company is facing discrimination charges by the CFPB and DOJ. The revelation comes a week after Toyota’s captive said it is facing similar allegations.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination

December 1, 2014 - Industry News

Toyota's Captive Issues Statement Regarding CFPB, DOJ Allegations

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Investigation, Toyota Motor Credit Corp

November 19, 2014 - Industry News

CFPB Takes First Action Against BHPH Dealer

DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, DriveTime, Fair Credit Reporting Act, pay-here, Richard Cordray

November 4, 2014 - Industry News

Competition Driving Increased Risk in Auto Finance, Regulator Says

A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.

Tags: Auto Loans, banks, Consumer Financial Protection Bureau, Regulations, risk

October 14, 2014 - Industry News

Comment Period Opens for CFPB’s New Rule

The CFPB published its proposal rule to oversee larger participants in the nonbank auto finance segment in the Federal Register last week, kicking off a 60-day public comment period that ends on Dec. 8.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau

October 2, 2014 - Industry News

Chrysler Capital, Santander Lower Cap on Dealer Participation

The moves come just weeks after the CFPB proposed to oversee larger nonbank auto finance sources for the first time at the federal level.

Tags: CFPB, Chrysler, Consumer Financial Protection Bureau, Flat Fees, National Automobile Dealers Association, Santander Consumer USA

September 25, 2014 - Industry News

CFPB Lacks Proper Data Security, Report Says

A report released by the United States Government Accountability Office this week found that the CFPB, which has collected information on up to 600 million financial accounts, has fallen short in its data-protection efforts.

Tags: CFPB, Consumer Financial Protection Bureau, data protection, Investigation, Report

September 23, 2014 - Industry News

Compliance Firm Examines New CFPB Rule

The CFPB has proposed a new rule to oversee larger nonbank auto finance companies for the first time at the federal level. The compliance firm suggests that this could significantly affect compensation policies in dealerships.

Tags: CFPB, compliance, Consumer Financial Protection Bureau

September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

September 17, 2014 - Industry News

CFPB Proposes New Oversight of Nonbank Auto Finance Companies

The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.

Tags: Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau

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