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TAG SEARCH RESULT: Consumer Financial Protection Bureau

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August 21, 2014 - Industry News

CFPB Fines Subprime Finance Source $2.75 Million

First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.

Tags: CFPB, Consumer Financial Protection Bureau, Department of Justice, fine, Investigation, subprime

July 22, 2014 - Industry News

RouteOne to Cover Regulator Scrutiny of F&I Products in Upcoming Webinar

RouteOne attorney Joseph Karam and National Business Development Manager Jesse Pappas will discuss the forthcoming scrutiny of F&I products by the CFPB and the FTC during a webinar on July 23.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, F&I products, Federal Trade Commission, FTC, RouteOne, webinar

June 19, 2014 - Industry News

CFPB to Release White Paper on Proxy Methodology

During the CFPB’s semi-annual report to the House Financial Services Committee, Director Richard Cordray said the agency will be releasing a white paper on the methodology it uses to determine the presence of discrimination in auto loans.

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

June 12, 2014 - Industry News

House Committee Votes to Repeal CFPB Auto Lending Guidance

The House Financial Services Committee passed a bill this week that would bring more transparency to the CFPB’s guidance-making process. If approved by Congress, it would effectively repeal the bulletin the bureau issued last year on indirect auto lending.

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

June 9, 2014 - Industry News

7 Financial Organizations Back Disparate Impact Amendment

Rep. Scott Garrett’s amendment to H.R. 4660 would prohibit funds made available by the act from being used for litigation that relies on the disparate impact theory.

Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would limit Justice Department litigation relying on the disparate impact theory of discrimination.

Tags: amendment, Consumer Financial Protection Bureau, Department of Justice, discrimination, disparate, legislation

May 20, 2014 - Industry News

NADA: Flat Fees Do Not Eliminate Discretion

A memo released by the NADA this week states that the CFPB’s proposed method for eliminating fair lending risk in the auto lending arena would do no such thing. Instead, dealers would still have discretion when it comes to selecting a finance source for their customers.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, discrimination, flats, NADA, National Automobile Dealers Association

May 20, 2014 - Industry News

RouteOne to Offer Fair Lending Compliance Webinar

Tomorrow, RouteOne will discuss discretionary dealer markup practices during a complimentary compliance webinar.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Department of Justice, RouteOne, webinar

May 15, 2014 - Industry News

DOJ Investigating Fifth Third Bank’s Auto Lending Practices

Photo via Flickr.

Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to determine whether the finance source engaged in discriminatory practices.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Fifth Third, Investigation

May 8, 2014 - Industry News

CFPB Proposes New Rule for Privacy Disclosures

The rule would allow finance sources that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.

Tags: CFPB, Consumer Financial Protection Bureau, Disclosures, privacy policy, Richard Cordray

April 24, 2014 - Industry News

Bank Eliminates Dealer Markup, Cites CFPB Guidance

Photo via Flickr. 

Chicago-based BMO Harris Bank issued a notice to its dealer customers this week, stating that it has eliminated dealer markups on indirect auto loans. The policy went into effect Thursday.

Tags: Auto Loans, BMO Harris Bank, CFPB, compliance, Consumer Financial Protection Bureau, Finance, flats

April 17, 2014 - Industry News

Senator Introduces 2 CFPB Reform Bills

Last week, U.S. Senator Deb Fischer introduced two bills aimed at restructuring the Consumer Financial Protection Bureau. The bills would replace the CFPB’s director with a bipartisan commission and change the voting requirements for overturning regulations.

Tags: Consumer Financial Protection Bureau, legislation, Richard Cordray

April 14, 2014 - Industry News

Former CFPB Official to Deliver Keynote Address at Industry Summit 2014

The CFPB’s former point man will be at Industry Summit 2014 this September to deliver a keynote address. He will take attendees inside the media-shy agency and offer insights on how the bureau intends to regulate the automotive retail industry.

Tags: CFPB, Consumer Financial Protection Bureau, Gregory Arroyo, Hudson Cook LLP, Industry Summit, Richard Hackett

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

April 3, 2014 - Industry News

Web Exclusive: Capital One Exec Discusses Market Competition, Budding Lender Strategy

Sanjiv Yajnik, president of Capital One's financial service division

Capital One’s Sanjiv Yajnik says ‘imitation is the best form of flattery’ in describing recent moves by competitors to adopt a strategy the bank rolled out in 2010.

Tags: Auto Loans, Capital One Auto Finance, Consumer Financial Protection Bureau, preferred lending

March 20, 2014 - Industry News

Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, Equal Credit Opportunity Act (ECOA), FDIC, Indirect Lending

March 20, 2014 - Industry News

Banks, Credit Unions Feeling New Regulatory Burdens

A recent survey found that U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. This is due in part to heightened concern over the mortgage guidelines recently finalized by the CFPB.

Tags: banks, CFPB, Consumer Financial Protection Bureau, credit unions, financial regulation, mortgage

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 13, 2014 - Industry News

CFPB Fills Key Posts

Jeffrey Langer will be stepping into Richard Hackett’s former role as assistant director of installment and liquidity lending markets for the bureau.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Hiring, Richard Hackett

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

February 20, 2014 - Industry News

Group 1 to Implement NADA Fair Lending Plan

The dealer group not only endorses the association’s fair lending plan, it plans to implement the program in the next several months, officials confirm.

Tags: Asbury Automotive, compliance, Consumer Financial Protection Bureau, Group 1 Automotive, NADA, Penske Automotive Group, Quarterly Earnings

February 18, 2014 - Industry News

Penske Holds Off on Adopting NADA Compliance Program

Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, earnings, F&I sales, NADA, National Automobile Dealers Association, Penske Automotive Group, Quarterly Earnings, reserve

February 11, 2014 - Industry News

Ally's Quarterly Profit Hurt by Settlement, ResCap Costs

Ally Financial’s quarterly report shows growth for the company and its network, but also reveals the impact of the company’s settlement with the CFPB and DOJ, as well as its ResCap bankruptcy plan.

Tags: Ally Financial, CFPB, Consumer Financial Protection Bureau, Department of Justice, ResCap LLC, Revenue, Settlement

February 6, 2014 - Industry News

Asbury ‘Very Confident’ About Meeting CFPB’s Requirements

Asbury Automotive Group, which reported a record fourth quarter, does not plan to alter any business practices in response to the CFPB’s scrutiny of rate participation programs. Officials reveal that the dealer group already has already adopted many of the regulator's recommendations.

Tags: Asbury Automotive, CFPB, compliance, Consumer Financial Protection Bureau, Fourth Quarter, NADA Convention & Expo, National Automobile Dealers Association, Quarterly Earnings

February 4, 2014 - Industry News

Move to Flats Unlikely in 2014, Says AutoNation’s Jackson

AutoNation’s chief executive says he doesn’t expect the CFPB to eliminate rate participation, but he admits to not knowing ‘the end of the story yet.’

Tags: AutoNation, Consumer Financial Protection Bureau, National Automobile Dealers Association, profit, Quarterly Earnings

February 4, 2014 - Industry News

Findlay Signs With Automotive Compliance Consultants

Findlay Automotive Group has selected Automotive Compliance Consultants’ compliance services to ensure the group’s 26 dealerships comply with regulations.

Tags: Automotive Compliance Consultants, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act, Gramm-Leach-Bliley, Red Flags Rule, Regulations