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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.
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The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.
Read More →USEA implements code of ethics and a certification test for its dealership partners. The move comes more than three months after the NADA notified members that the FTC was investigating biweekly payment programs.
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Hudson Cook adds another former CFPB official to its offices in Washington, D.C., in Lucy Morris. She was a founding member of the implementation team that organized the CFPB after passage of the Dodd-Frank Act.
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More than 400 dealers traveled to the nation’s capital in support of a new bill that could nullify the CFPB’s guidance on auto lending.
Read More →The executive director of the Association of Finance and Insurance Professionals explains why he looks forward to a meeting with the Consumer Financial Protection Bureau’s new assistant director.
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Compliance expert explains how dealers can turn the tables on the Consumer Financial Protection Bureau by using the agency’s own guidance to respond to complaints.
Read More →The NADA is urging Congress to pass a new bipartisian bill introduced this month that would nullify the CFPB’s guidance on auto lending and require more transparency from the bureau in the future.
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First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.
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Legislation regulating the influence captive finance sources have on F&I product sales has popped up around the nation this year, but the industry disagrees on what is driving these state-by-state battles.
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