CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
October 1, 2015
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
A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.
September 28, 2015
Citing the doctrine of joint venture, the Colorado Court of Appeals ruled last week that a dealership will be held liable for damages caused by a customer during a test drive.
September 15, 2015
Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.
July 21, 2015
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
After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena issued by the AG’s office in March. The dealer group is accused of “jamming” credit repair contracts into vehicle sales and leases.
June 9, 2015
Credit unions are competing aggressively in the automotive marketplace, financing one in four auto loans so far in 2015, CU Direct reports.
April 28, 2015
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
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
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 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
The dealer group reported a 21% increase from last year’s adjusted income from continuing operations, as well as a 12% increase in total gross profit.
July 29, 2014
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
Sales at Fla.-based Rick Case Automotive Group were up 28% from last year, with Memorial Day weekend sales surpassing all previous weekend sales records.
June 5, 2014