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A reader wonders if a scenario exists where trading rate for product doesn’t cross that invisible legal line. The magazine’s resident F&I pro weighs in.
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Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.
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A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
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Auto dealer regulations face an uncertain future under the Trump presidency. Two California-based attorneys take a look at the road ahead for the CFPB, the FTC, and state regulators.
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The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.
Read More →A new report released by Republican members of the House Financial Services Committee charges CFPB Director Richard Cordray with violating federal law when the regulator published its Larger Participant Rule in June 2015.
Read More →The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.
Read More →The magazine’s compliance pro dusts off his crystal ball to offer a few predictions for 2017. If he’s correct, F&I offices could be in for a challenging year.
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Jeff Carlson reflects on his term as the NADA’s 2016 chairman, highlighting the association’s victories as well as the challenges ahead.
Read More →Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.
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