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Results: 31
D.C. Circuit Grants CFPB’s Request to Defend Single-Director Structure

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.

July 21, 2016

Hanging in the Balance

Hanging in the Balance

The compliance gurus at F&I Think Tank agreed that a lot is riding on the outcome of November’s presidential elections — including the fate of the F&I department.

June 3, 2016

CFPB Issues Proposal to End Forced Arbitration

At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.

May 10, 2016

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.

February 3, 2016

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

CFPB Considering Ban on Arbitration Clauses

The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.

October 7, 2015

BMO Harris Bank’s Auto Business Exiting 12 States

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.

October 1, 2015

Solving the CFPB Problem

Solving the CFPB Problem

The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.

August 28, 2015

CFPB to Oversee Nonbank Auto Finance Companies

The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.

June 11, 2015

CFPB Needs a New 'Tool,’ Study Finds

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

November 20, 2014

AutoNation Discusses CFPB, Digital Push

AutoNation reported during its second-quarter investor call that it has installed the NADA’s Fair Credit Compliance Program in nine stores. Officials also provided an update on the company’s digital push.

July 24, 2014