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Three Republican lawmakers are requesting information from the CFPB regarding employee performance reviews after reports surfaced last week about possible racial disparities related to its internal management practices.
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Strong words at NADA 2014 and the Vehicle Finance Conference indicate that both sides of the rate participation debate are preparing for a long, drawn-out battle.
Read More →The Center for Responsible Lending released findings last week that show negotiation does not help African American and Latino car buyers secure better interest rates on auto loans. Auto trade groups, however, were critical of the study’s findings, claiming it lacks data to support its claims.
Read More →Last week, the NADA announced a new fair lending compliance policy and program designed to help dealers cope with growing pressure from regulators like the CFPB.
Read More →The magazine’s legal insider offers her predictions for 2014. None of them should be surprising, but the industry is in for a ride if her forecast is realized.
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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.
Read More →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 →A joint complaint filed in North Carolina alleges buy-here, pay-here dealerships targeted African-American customers for unfair and predatory credit practices that violated federal and state law.
Read More →The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
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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.
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