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

Who Will Take Up the CFPB's Torch?

The CFPB’s acting director tells state regulators there will no longer be ‘regulation by enforcement,” but the editor believes there’s a long list of regulators waiting to take up the torch.

March 12, 2018

Military Lending Act's December Update More Harmful Than First Thought

Military Lending Act's December Update More Harmful Than First Thought

A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.

February 22, 2018

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

Resolution Needed

The editor shares some insider information regarding the industry’s efforts to get the Defense Department to reconsider last month’s interpretive rule regarding the sale of GAP and credit insurance to military consumers.

February 6, 2018

Appeals Court Rules CFPB Structure Is Constitutional

Appeals Court Rules CFPB Structure Is Constitutional

On Wednesday, the D.C. Court of Appeals ruled 7-3 that a provision in the Dodd-Frank Act that says the CFPB director can only be removed for cause does not unconstitutionally constrain the president.

January 31, 2018

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.

December 6, 2017

F&I Pacesetters: Bob Moore Cadillac of Edmond
F&I Pacesetters: Gerald Jones Auto Group

F&I Pacesetters: Gerald Jones Auto Group

Meet the two operations that were also in the running for the American Financial & Automotive Services Inc.-sponsored F&I Dealer of the Year.

November 14, 2017

It Is Unwise to Lower Your Defenses

The editor wonders how regulators, including two new mini-CFPBs in Pennsylvania and Maryland, view a consumer advocacy group’s highly critical report on how dealers price F&I protections.

November 14, 2017

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.

October 25, 2017

What's Really Behind the Subprime Pullback?

One F&I insider says there’s more to the subprime pullback than the recent uptick in delinquencies. He says regulators are the real reason finance sources are so risk-averse.

October 10, 2017