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January 30, 2014 - Industry News

Industry Groups Question Study on Discrimination in Auto Lending

The Center for Responsible Lending released findings last week that show negotiation does not help African American and Latino car buyers secure better interest rates on auto loans. Auto trade groups, however, were critical of the study’s findings, claiming it lacks data to support its claims.

Tags: AFSA, Auto Lending, Center for Responsible Lending, Consumer Financial Protection Bureau, discrimination, NADA, National Automobile Dealers Association, Study

January 28, 2014 - Industry News

NADA Launches Fair Credit Compliance Policy and Program

Last week, the NADA announced a new fair lending compliance policy and program designed to help dealers cope with growing pressure from regulators like the CFPB.

Tags: compliance, Consumer Financial Protection Bureau, discrimination, interest rates, NADA Convention and Expo

January 28, 2014 - Industry News

Former CFPB Executive Joins Hudson Cook LLP

The former CFPB executive once described as a ‘valuable conduit between the CFPB and the industry’ has joined Hudson Cook LLP as a partner in the firm’s Portland, Maine, office.

Tags: American Financial Services Association, CFPB, Consumer Financial Protection Bureau, FEDERAL REGULATION, Hudson Cook LLP, Michael Benoit, Richard Hackett, Tom Hudson

January 16, 2014 - Industry News

U.S. Treasury to Sell $3 Billion of Ally Stock

The U.S. Department of the Treasury announced this week that it expects to sell 410,000 shares of Ally Financial Inc. common stock in a private offering at $7,375 per share. The sale is part of the department’s continued effort to wind down the Troubled Asset Relief Program.

Tags: Ally Financial, common stock, Consumer Financial Protection Bureau, Department of Justice, Treasury Department, Troubled Asset Relief Program, U.S. Department of Treasury

December 31, 2013 - Industry News

Compliance, Technology to Headline Vehicle Finance Conference

This year’s conference will feature Patrice Ficklin, assistant director of the CFPB’s Office of Fair Lending, as well as a candid discussion between executives from GM Financial, Toyota Financial Services and Chase Auto Finance.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Chase Auto Finance, Consumer Financial Protection Bureau, Experian Automotive, Ford, General Motors, JD Power and Associates, National Automobile Dealers Association, Toyota Financial Services

December 31, 2013 - Industry News

Open Dealer Exchange: Digital Files Reduce Noncompliance Risk

Open Dealer Exchange, a joint venture between ADP and Reynolds and Reynolds, issued a release saying the Consumer Financial Protection Bureau’s focus on auto lending calls for automated documentation.

Tags: Consumer Financial Protection Bureau, digital compliance, Open Dealer Exchange

December 20, 2013 - Industry News

Ally Reaches $98M Settlement with DOJ, CFPB for Lending Discrimination

The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.

Tags: Ally Bank, Ally Financial, CFPB, Consumer Financial Protection Bureau, discrimination, Dodd-Frank Act, Settlement

December 17, 2013 - Industry News

Hyundai Drops Arbitration Clause

Following a critical piece in the New York Times on the arbitration clause found in its warranty statement, Hyundai drops the policy. The change came a week before the CFPB released its first report on the effect of arbitration agreements on consumers.

Tags: arbitration agreements, Brittany-Marie Swanson, Consumer Financial Protection Bureau, Hyundai

December 12, 2013 - Industry News

CFPB Releases Preliminary Arbitration Research

On Wednesday, the CFPB released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. While auto was excluded from the review, the report’s findings make similar provisions used in auto transactions look ‘consumer-friendly by comparison,’ says legal insider.

Tags: arbitration agreements, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, Tom Hudson

December 12, 2013 - Industry News

Report on CFPB Reveals Transparency Issues

A new report shows financial institutions aren’t the only ones calling for more transparency from the CFPB. Consumers are also asking the bureau to be more more open about its activities.

Tags: CFPB, compliance, consumer complaints, Consumer Financial Protection Bureau

December 3, 2013 - Industry News

Consumer Group Seeks to Eliminate Rate Markups in California

Rosemary Shahan, president of CARS, speaks at the CFPB's first public forum on auto lending in November.

A consumer advocacy group has filed a new ballot initiative with the California attorney general’s office. Part of the initiative aims to eliminate dealer markups, something California New Car Dealer Association President Brian Maas says would harm consumers.

Tags: Brian Maas, Brittany-Marie Swanson, California New Car Dealers Association, Consumer Financial Protection Bureau, discrimination, legislation

November 21, 2013 - Industry News

NAF Association Launches Compliance Certification Program

In response to the CFPB’s activities this year, the trade group has launched a new certification program for auto finance sources. The program was developed by Hudson Cook LLP.

Tags: certification, compliance, Consumer Credit, Consumer Financial Protection Bureau, Hudson Cook LLP, legal training, NAF Association

November 14, 2013 - Industry News

Disparate Impact Challenge Ends in Settlement on Eve of CFPB Forum

On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.

Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Equal Credit Opportunity Act (ECOA), Richard Cordray, Senate, Senate Banking Committee

November 7, 2013 - Industry News

Town Delays Vote in Disparate Impact Case

A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Dodd-Frank Act, Equal Credit Opportunity Act, NADA, National Automobile Dealers Association

November 5, 2013 - Industry News

CFPB Responds to Senators’ Demands

CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.

Tags: Ally Financial, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, ECOA, NADA, Richard Cordray

October 31, 2013 - Industry News

Senators Call for ‘Complete Details’ of CFPB Auto Finance Probe

This week, 11 Democrats and 11 Republicans issued a letter to CFPB Director Richard Cordray, demanding transparency in how the bureau is determining the presence of discriminatory practices in the indirect financing channel.

Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, David Westcott, NADA, National Automobile Dealers Association

October 17, 2013 - Industry News

NADA to Remain Focused on CFPB, Says Incoming Chairman

The hot-button issue for the NADA in 2014 will be the CFPB’s targeting of the indirect financing channel, incoming NADA Chairman Forrest McConnell tells F&I and Showroom.

Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, NADA, National Automobile Dealers Association

September 19, 2013 - Industry News

CFPB Orders Chase, JPMorgan to Refund $309M to Customers

The CFPB ordered another bank’s credit card division to repay customers for the way it delivered "add-on products" to customers.

Tags: CFPB, Chase, Consumer Financial Protection Bureau, JP Morgan Chase

September 4, 2013 - Industry News

CFPB Puts 'Furnishers' on Notice

The CFPB put companies that supply information to consumer reporting companies on notice, warning them that they are bound by law to investigate consumer disputes.

Tags: bulletin, CFPB, consum credit report, Consumer Financial Protection Bureau, Fair Credit Reporting Act, notice

August 15, 2013 - Industry News

'Father of F&I Menu' to Take on Dodd-Frank Act

F&I and Showroom contributor will address two major threats posed by the Dodd-Frank Act, and will show attendees how they can maintain performance in today’s intense regulatory environment.

Tags: Consumer Financial Protection Bureau, Dodd-Frank Wall Street Reform and Consumer Protect, George Angus, Industry Summit

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

August 5, 2013 - Industry News

Credit Acceptance Corp. Keeping “Close Eye” on CFPB

In its second quarter earnings call, Credit Acceptance Corp. noted that its relationships with industry associations have kept it up to speed on looming regulations.

Tags: CFPB, Consumer Financial Protection Bureau, Credit Acceptance Corp., financial regulation

July 23, 2013 - Industry News

CFPB Presents First Annual Financial Literacy Report

The report details the tools the CFPB has made made available to consumers, as well as the bureau's research and outreach efforts. As a condition of Dodd-Frank, the CFPB is required to present the report on its activities to Congress annually.

Tags: CFPB, consumer debt, Consumer Financial Protection Bureau

July 18, 2013 - Industry News

Senate Confirms Richard Cordray as CFPB Director

The U.S. Senate confirmed Tuesday evening the appointment of CFPB Director Richard Cordray, a decision President Barack Obama praised during a press conference held yesterday.

Tags: Barack Obama, CFPB, Consumer Financial Protection Bureau, director, Richard Cordray, Senate

June 27, 2013 - Industry News

CFPB Orders U.S. Bank, DFS to Pay $6.5M in Restitution

The Consumer Financial Protection Bureau has ordered U.S. Bank and its nonbank partner company, Dealers’ Financial Services, to pay restitution to participants in the Military Installment Loans and Educational Services (MILES) auto loans program.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, discrimination