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U.S. Bank told dealers this week that it’s monitoring how they price F&I products. If its monitoring program finds ‘unexplained differences in pricing or excessive add-on product financing on a prohibited basis,’ dealers will be asked to provide an explanation.
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More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.
Read More →A case debating a legal theory used by the Consumer Financial Protection Bureau to go after auto finance sources for perceived discrimination in dealer markup is expected to be ruled on this week by the U.S Supreme Court.
Read More →In a recent survey, eLEND Solutions found that while 80% of dealers expect the CFPB to implement regulations that would replace dealer participation with mark-up thresholds or a flat-fee model, only 40% have plans in place to meet those requirements.
Read More →The magazine’s resident legal insider says the media departments at two of the industry’s top regulators got a little too creative with their recent work.
Read More →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.
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Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.
Read More →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.
Read More →The CFPB’s latest report on arbitration clauses has a lot of holes, leaving the magazine’s legal eagle wondering what the regulator’s game is.
Read More →The CFPB is finalizing a policy that would allow consumers to publicly share their stories when they submit complaints to the bureau. The regulator is also seeking public comment on ways to highlight positive consumer experiences.
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