EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.
November 16, 2017
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.
November 15, 2017
The bureau released results of a national survey that measures the financial well-being of specific consumer groups as well as the population as a whole. The regulator also announced the release of a new tool designed to allow consumers to measure their level of financial well-being.
September 26, 2017
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.
September 21, 2017
Legal experts break down the Consumer Financial Protection Bureau’s new arbitration rule and how it could affect your dealership.
August 19, 2017
In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).
August 8, 2017
The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.
July 27, 2017
The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.
July 26, 2017
The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..
July 25, 2017
The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.
July 10, 2017
Attorney and Mosaic Compliance Services cofounder Jim Ganther will deliver a featured presentation on Easy-to-Implement Processes and Controls at Compliance Summit in September.
June 29, 2017
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.
June 13, 2017
Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.
April 26, 2017
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.
April 7, 2017
Auto dealer regulations face an uncertain future under the Trump presidency. Two California-based attorneys take a look at the road ahead for the CFPB, the FTC, and state regulators.
March 21, 2017