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A new report shows financial institutions aren’t the only ones calling for more transparency from the CFPB. Consumers are also asking the bureau to be more more open about its activities.
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A consumer advocacy group has filed a new ballot initiative with the California attorney general’s office. Part of the initiative aims to eliminate dealer markups, something California New Car Dealer Association President Brian Maas says would harm consumers.
Read More →In response to the CFPB’s activities this year, the trade group has launched a new certification program for auto finance sources. The program was developed by Hudson Cook LLP.
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The F&I Conference’s compliance panel offered up more questions than answers, but participants made clear the industry’s newest regulator has plenty of tools at its disposal.
Read More →The CFPB, FRB and DOJ joined forces to host a fair lending webinar. The latter two shed some light on their approach to determining rate discrimination, but the CFPB’s standards for determining disparate impact remain a mystery.
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At this year’s Industry Summit, F&I product providers discussed everything from the CFPB to CPO. They also weighed in on the future of the F&I office.
Read More →On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.
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A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.
Read More →CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.
Read More →This week, 11 Democrats and 11 Republicans issued a letter to CFPB Director Richard Cordray, demanding transparency in how the bureau is determining the presence of discriminatory practices in the indirect financing channel.
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