Representatives from the three major credit bureaus opened the 21st annual Vehicle Finance Conference and Exposition by confirming that there is no forming subprime bubble. They explained why and how millennials are contributing to a healthy auto finance market.
January 24, 2017
On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.
August 4, 2016
At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.
May 10, 2016
The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.
November 24, 2015
The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.
June 11, 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
In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.
December 11, 2014
F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.
November 20, 2014
A new study released by the American Financial Services Association finds bias and high error rates in the CFPB's proxy methodology for determining disparate impact.
November 19, 2014
Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.
September 18, 2014
Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.
August 14, 2014
The former CFPB executive once described as a ‘valuable conduit between the CFPB and the industry’ has joined Hudson Cook LLP as a partner in the firm’s Portland, Maine, office.
January 28, 2014
This year’s conference will feature Patrice Ficklin, assistant director of the CFPB’s Office of Fair Lending, as well as a candid discussion between executives from GM Financial, Toyota Financial Services and Chase Auto Finance.
December 31, 2013
Automotive Compliance Consultants will exhibit its WICS methodology for ensuring auto retailer compliance at both the American Financial Services Association and the National Automobile Dealers Association conventions in New Orleans in January.
November 21, 2013
Automotive Compliance Consultants joins the American Financial Services Association to leverage its F&I compliance services for auto dealers in the wake of the CFPB's recent examination of dealer participation.
April 16, 2013