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Results: 39

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.

March 17, 2015

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

February 24, 2015

Penske Posts Most Profitable Year Behind Strong Q4 Performance

Penske Automotive Group realized a 16% increase in revenue and a 14% bump in adjusted income from continuing operations in 2014’s fourth quarter. The dealer group’s CEO also discussed its plan to pilot the NADA’s fair credit compliance program at four stores.

February 12, 2015

Credit Acceptance Subpoenaed by DOJ

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.

December 16, 2014

CFPB, DOJ Now Targeting Honda's Captive

Honda revealed in a regulatory filing this week that its captive finance company is facing discrimination charges by the CFPB and DOJ. The revelation comes a week after Toyota’s captive said it is facing similar allegations.

December 4, 2014

Toyota's Captive Issues Statement Regarding CFPB, DOJ Allegations

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.

December 1, 2014

AutoNation to Cut Spending on Third-Party Lead Providers

The dealer group reported this week that its F&I operations achieved a record per-copy average of $1,401 in the third quarter. Officials also announced plans to cut spending on third-party lead providers 'every quarter' in order to invest in its own online presence.

October 30, 2014

Comment Period Opens for CFPB’s New Rule

The CFPB published its proposal rule to oversee larger participants in the nonbank auto finance segment in the Federal Register last week, kicking off a 60-day public comment period that ends on Dec. 8.

October 14, 2014

CFPB Lacks Proper Data Security, Report Says

CFPB Lacks Proper Data Security, Report Says

A report released by the United States Government Accountability Office this week found that the CFPB, which has collected information on up to 600 million financial accounts, has fallen short in its data-protection efforts.

September 25, 2014

CFPB Holds Auto Finance Hearing Following New Rule Proposal
CFPB Fines Subprime Finance Source $2.75 Million

CFPB Fines Subprime Finance Source $2.75 Million

First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.

August 21, 2014

F&I Products at Center of Legislative Battles in Four States
CFPB to Release White Paper on Proxy Methodology

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.

June 19, 2014

NADA: Flat Fees Do Not Eliminate Discretion

A memo released by the NADA this week states that the CFPB’s proposed method for eliminating fair lending risk in the auto lending arena would do no such thing. Instead, dealers would still have discretion when it comes to selecting a finance source for their customers.

May 20, 2014

DOJ Investigating Fifth Third Bank’s Auto Lending Practices