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May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.

Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups

May 15, 2018 - Industry News

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.

Tags: Attorneys General, compliance, dealer participation, Federal Trade Commission, regulation

May 8, 2018 - Industry News

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA

April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

February 13, 2018 - Industry News

BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement

BB&T Tower in Atlanta (Wikimedia Commons and seniorliving.org)

BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.

Tags: auto finance, BB&T, CFPB, compliance, dealer participation, Mick Mulvaney

December 6, 2017 - Industry News

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

Tags: auto finance, CFPB, compliance, dealer markups, dealer participation

November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.

Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray

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

April 7, 2017 - Industry News

AFSA to Congress: The CFPB ‘Needs to Be Reined In’

A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.

Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray

February 16, 2017 - Industry News

D.C. Circuit Grants CFPB’s Request to Defend Single-Director Structure

The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.

Tags: auto finance, CFPB, dealer participation, Donald Trump

February 16, 2017 - Industry News

Tom Hudson Releases Book on Fed Government’s War on Dealers

In his new book, the attorney traces actions over the last five years by the Consumer Financial Protection Bureau and the Federal Trade Commission. It addresses the government's war on several fronts, from advertising and discrimination to disclosure requirements and other everyday compliance issues.

Tags: compliance, Consumer Financial Protection Bureau, dealer participation, F&I manager, Federal Trade Commission, Hudson Cook LLP, Tom Hudson

January 30, 2017 - Industry News

NADA Chairman: Hope for the Best, Prepare for the Worst

Jeff Carson likened his year as chairman of the NADA to piloting a plane during a ‘catastrophic electrical failure,” noting that he experienced situations where he started out on what seemed a routine path only to have outside events toss his flight plan out the window.

Tags: CAFE Regulations, Consumer Financial Protection Bureau, dealer participation, Jeff Carlson, NADA

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

July 21, 2016 - Industry News

Trade Groups Call on U.S. Senators to Support CFPB-Reform Bill

The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, NADA, NIADA

June 29, 2016 - Industry News

OP-ED: NADA Chairman Calls on Dealers to Rally Behind CFPB-Reform Bill

Introduced in March, U.S. Senate Bill 2663 aims to repeal the bureau's March 2013 guidance on dealer participation and add a few more steps to the regulator's guidance-writing activities. In an op-ed piece posted on the NADA's website, Chairman Jeff Carlson offers his thoughts on the legislation and explains why dealers need to rally behind it.

Tags: CFPB, dealer participation, Jeff Carlson, NADA

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

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