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The “Father of the F&I Menu” offers his list of 10 regulatory hot spots for 2014, several of which fall outside of the F&I manager’s jurisdiction.
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The CFPB’s first strike on rate participation came 11 days short of the New Year. Unfortunately, its 13-page complaint leaves many questions unanswered.
Read More →The U.S. Department of the Treasury announced this week that it expects to sell 410,000 shares of Ally Financial Inc. common stock in a private offering at $7,375 per share. The sale is part of the department’s continued effort to wind down the Troubled Asset Relief Program.
Read More →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.
Read More →Open Dealer Exchange, a joint venture between ADP and Reynolds and Reynolds, issued a release saying the Consumer Financial Protection Bureau’s focus on auto lending calls for automated documentation.
Read More →The magazine’s legal insider doesn't believe the bureau has jurisdiction over the F&I products industry, but she admits there’s too much gray area in the Dodd-Frank Act to know for sure.
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Industry representatives and consumer advocacy groups squared off in Washington, D.C., last month for the CFPB’s first public forum on auto lending. The event revealed the tightrope the bureau is walking between preserving a rebounding market and strengthening consumer protections.
Read More →The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
Read More →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.
Read More →On Wednesday, the CFPB released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. While auto was excluded from the review, the report’s findings make similar provisions used in auto transactions look ‘consumer-friendly by comparison,’ says legal insider.
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