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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

September 21, 2017 - Industry News

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.

Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services

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 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

August 4, 2016 - Industry News

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.

Tags: American Financial Services Association, Arbitration, CFPB, Congress, Richard Cordray, Senate

April 21, 2016 - Industry News

CFPB to Discuss Arbitration at Field Hearing Next Month

The Consumer Financial Protection Bureau will be holding a field hearing on May 5 in Albuquerque, N.M., to discuss arbitration. CFPB Director Richard Cordray will issue remarks at the hearing

Tags: AFSA, Consumer Financial Protection Bureau, Field Hearing, Richard Cordray

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

July 17, 2015 - Industry News

CFPB Deputy Director Steve Antonakes Steps Down

After nearly five years with the CFPB, Deputy Director Steve Antonakes is stepping down from his position as the bureau’s No. 2 official to spend more time with his family.

Tags: CFPB, Consumer Financial Protection Bureau, employment, Richard Cordray, Richard Hackett

July 16, 2015 - Industry News

CFPB’s Cordray Commends Honda’s New Markup Policy

At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.

Tags: CFPB, Congress, consumer complaints, Consumer Financial Protection Bureau, discrimination, Honda Financial Services, Richard Cordray

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 10, 2015 - Industry News

CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies

The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.

Tags: Auto Lending, Auto Loans, CFPB, Consumer Financial Protection Bureau, Regulations, Richard Cordray

April 14, 2015 - Industry News

CFPB Faces Mounting Criticism, New Bipartisan Bill

On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.

Tags: Ally Financial, CFPB, Congress, Consumer Financial Protection Bureau, Department of Justice, Indirect Lending, legislation, Richard Cordray

March 17, 2015 - Industry News

Cordray: CFPB Disagrees With Conclusions of CRA Study

CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.

Tags: American Financial Services Association, BISG, CFPB, Congress, Consumer Financial Protection Bureau, Richard Cordray, Study

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

September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

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

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 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

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

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 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

September 4, 2013 - Industry News

Steven Antonakes Named Deputy Director of CFPB

Steven Antonakes officially assumes the role of deputy director for the CFPB, the bureau announced this week.

Tags: CFPB, Richard Cordray, Steven Antonakes

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 4, 2013 - Industry News

Trade Groups Ask HUD, CFPB to Clarify Use of Disparate Impact Theory

Eight trade associations request that the Department of Housing and Urban Development and the Consumer Financial Protection Bureau clarify and create guidance related to their use of the disparate impact theory to determine discrimination.

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

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