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October 24, 2017 - Industry News

Consumer Advocacy Group Calls for Regulatory Review of F&I Product Pricing

The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.

Tags: auto finance, CFPB, compliance, dealer markups, F&I products

June 13, 2017 - Industry News

House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.

Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, dealer markups, dealer participation, Dodd-Frank Act

October 18, 2016 - Industry News

Firm Urges Dealers to Remain Vigilant in Wake of CFPB Ruling

Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, customer disclosures, dealer markups, dealer participation, F&I products

March 10, 2016 - Industry News

House Committee, CFPB Director to Face Off Next Week

Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.

Tags: auto finance, CFPB, dealer markups, Disparate Impact, Jeb Hensarling, pricing discrimination, Richard Cordray, Toyota Motor Credit Corp

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp

November 19, 2015 - Industry News

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA, Rep. Ed Perimutter, Rep. Frank Guinta

November 16, 2015 - Industry News

House to Vote on CFPB-Altering Bill This Week

Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.

Tags: CFPB, dealer markups, dealer participation, H.R. 1737, NADA

November 10, 2015 - Industry News

CFPB Again Rejects NADA's FOIA Request

For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

Tags: CFPB, dealer markups, dealer participation plans, interest rates, NADA

October 1, 2015 - Industry News

BMO Harris Bank’s Auto Business Exiting 12 States

The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.

Tags: BMO Harris Bank, CFPB, dealer markups, dealer participation plans, General Electric

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 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 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

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

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