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TAG SEARCH RESULT: Dodd-Frank Act

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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

February 3, 2017 - Industry News

President Trump Orders Review of Dodd-Frank

President Donald Trump took his first step toward making good on his promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, signing on Friday an executive order directing the secretary of the Treasury to review the 2010 financial oversight law.

Tags: Consumer Financial Protection Bureau, Dodd-Frank Act, Donald Trump, Richard Cordray

February 2, 2017 - Industry News

Senate Republicans Introduce CFPB-Restructuring Bill

Senate Republicans have reintroduced legislation aimed at replacing the CFPB’s single-director structure with a five-member bipartisan board. The bill was unveiled as Congressional Democrats and state regulators pledged to defend Director Richard Cordray and his agency.

Tags: Consumer Financial Protection Bureau, Dodd-Frank Act, Donald Trump, Richard Cordray

January 4, 2017 - Industry News

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion

November 17, 2016 - Industry News

Regulatory Insiders: Repeal of Dodd-Frank Possible But Unlikely

Regulatory insiders say there are two ways the Trump administration can deliver on its promise to dismantle the Dodd-Frank. But neither scenario has a high probability of success, they say.

Tags: Consumer Financial Protection Bureau, Dodd-Frank Act, NADA, Regulations

September 15, 2016 - Industry News

U.S. House Committee Passes Bill Aimed at Replacing Dodd-Frank

Last week, the U.S. House Financial Services Committee passed the Financial CHOICE Act, which supporters describe as an alternative to the Dodd-Frank Act. It contains language aimed at repealing the CFPB’s guidance on dealer participation, among other things.

Tags: Consumer Financial Protection Bureau, Dodd-Frank Act, House Bill, House Financial Services Committee

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

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

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

December 30, 2014 - Industry News

N.Y. Shuts Down Subprime Auto Lender

Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.

Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing

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

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

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 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

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

August 29, 2013 - Industry News

[Video] Dodd-Frank Act to Headline F&I Conference and Expo

The magazine will convene an all-star cast of compliance and regulatory experts to delve into the Dodd-Frank Act and the Consumer Financial Protection Bureau. They’ll also touch on what’s happening at the state level.

Tags: Andrew Koblenz, Damon Wiener, Dodd-Frank Act, F&I Conference & Expo, Gregory Arroyo, Nikki Munro, Terry O'Loughlin

August 20, 2013 - Industry News

AFSA Launches New Compliance Committee

The traded association's new Operations and Regulatory Compliance Committee will address the policies, guidance, enforcement actions and regulations issued by the federal government and agencies that impact its members.

Tags: AFSA, compliance, Dodd-Frank Act

November 13, 2012 - Industry News

CFPB’s No. 2 to Leave Agency

The Consumer Financial Protection Bureau’s No. 2 official will depart after a new set of mortgage rules is finalized, The Wall Street Journal reports.

Tags: CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, Raj Date, The Wall Street Journal

August 21, 2012 - Industry News

Industry Summit to Provide Update on Digital Compliance, the Dodd-Frank Act

The Association of Financial & Insurance Professionals’ David Robertson and Hudson Cook’s Nikki Munro will lead two separate compliance sessions aimed at getting attendees up to speed on Internet sales compliance and the Dodd-Frank Act.

Tags: AFIP, David Robertson, Dodd-Frank Act, F&I Conference, Hudson Cook LLP, Industry Summit 2012, Nikki Munro

June 12, 2012 - Industry News

Federal Agencies to Coordinate Regulatory Efforts

Five federal supervisory agencies signed a memorandum of understanding that clarifies how the agencies will coordinate their supervisory activities under the Dodd-Frank Act.

Tags: CFPB, consumer protection, Dodd-Frank Act, FDIC, MOU, National Credit Union Administration

August 16, 2011 - Industry News

700Credit Updates Dodd-Frank Compliance Solutions

700Credit has released an updated Adverse Action Notice template designed to keep dealerships in compliance with the Dodd-Frank Act.

Tags: 700Credit, Adverse Action Notice, compliance, Dodd-Frank Act, mailers

August 2, 2011 - Industry News

DealerTrack Releases Tools to Support Dodd-Frank Act Requirements

DealerTrack’s new feature is designed to allow users of its credit application network to generate Adverse Action Notices and new credit disclosures mandated by recently passed laws.

Tags: compliance, Credit, Credit Applications, Dealertrack, Dodd-Frank Act, software

July 7, 2011 - Industry News

FTC Announces Second Roundtable Event

The Federal Trade Commission’s second roundtable will be staged at St. Mary's University School of Law on Aug. 2-3.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act, FEDERAL REGULATION, Federal Reserve, Federal Trade Commission, Hudson Cook LLP, Regulations

June 22, 2011 - Industry News

Federal Reserve Temporarily Exempts Dealers from Certain Dodd-Frank Requirements

Dealers will remain exempt from certain data collection requirements under ECOA until the Federal Reserve Board issues final regulations.

Tags: Dodd-Frank Act, ECOA, FEDERAL REGULATION, Federal Reserve

February 15, 2011 - Industry News

U.S. Financial Institutions Optimistic About Consumer Lending

A survey by Wolters Kluwer Financial Services finds that a majority of U.S. financial institutions expect their consumer lending businesses to grow or remain steady in 2011.

Tags: Dodd-Frank Act, Wolters Kluwer Financial Services

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