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CFPB Says Santander Violated Fair Lending Laws

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

August 11, 2015

Compliance, CFPB to Take Center Stage at Industry Summit

Industry Summit 2015 will feature three workshops and two panel discussions that will address the current regulatory climate, provide a review of the current rules and regulations, and provide practical tips on how F&I managers can make compliance work for them.

August 11, 2015

CFPB Urges Fifth Third Bank to Cap Dealer Markup
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

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

June 23, 2015

House Votes to Eliminate DOJ’s Use of Disparate Impact

CFPB Faces Mounting Criticism, New Bipartisan Bill

On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.

April 14, 2015

Manheim, Partners File MPS-Related Request With DOJ

Manheim and a number of industry partners have filed a request with the Department of Justice to determine whether the industry’s proposed multi-platform system is in compliance with antitrust laws.

March 12, 2015

Ready to Charge

Ready to Charge

Auto finance sources reveal that they, too, are focused on the customer experience, and say they are ready for what’s expected to be another great year for auto sales.

March 10, 2015

Seismic Shift

The magazine’s resident legal expert offers her take on why state and federal regulators were so active in auto finance at the close of 2014.

March 10, 2015

DOJ, N.Y. Regulator Subpoena Capital One

The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.

March 5, 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