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Fifth Third Bank to Cap Dealer Markups

Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.

September 29, 2015

Price Point

Price Point

The New York attorney general’s crackdown on an F&I product provider and the dealerships that sold its credit repair services comes at a time when federal regulators are expected to tighten the screws on add-on sales.

August 5, 2015

CFPB, DOJ Reach $24M Settlement With Honda Finance

CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.

July 14, 2015

AutoNation's PVR Average Surpasses $1,500

For the first time, the public dealer group’s F&I profit per deal average surpassed the $1,500 mark. Officials said the company will continue to emphasize F&I product sales as it preps for the launch of an AutoNation-branded maintenance contract later this year.

April 23, 2015

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

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

F&I Products at Center of Legislative Battles in Four States
7 Financial Organizations Back Disparate Impact Amendment

7 Financial Organizations Back Disparate Impact Amendment

Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would limit Justice Department litigation relying on the disparate impact theory of discrimination.

June 9, 2014

CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges
Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Hyundai Drops Arbitration Clause

Following a critical piece in the New York Times on the arbitration clause found in its warranty statement, Hyundai drops the policy. The change came a week before the CFPB released its first report on the effect of arbitration agreements on consumers.

December 17, 2013

Consumer Group Seeks to Eliminate Rate Markups in California

Consumer Group Seeks to Eliminate Rate Markups in California

A consumer advocacy group has filed a new ballot initiative with the California attorney general’s office. Part of the initiative aims to eliminate dealer markups, something California New Car Dealer Association President Brian Maas says would harm consumers.

December 3, 2013