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This week, a U.S. House committee passed H.R. 1737, a bipartisan bill that aims to repeal the Consumer Financial Protection Bureau’s 2013 guidance on dealer participation.
Read More →One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.
Read More →Asbury Automotive executives were confident that the dealer group’s internal caps on dealer markup and its fixed F&I product prices will keep it safe from any actions by regulators.
Read More →The group’s chief executive reiterated his support for Honda Financial’s new dealer markup caps. He said the policy should serve as a template for the rest of the auto finance industry.
Read More →Today, the Defense Department issued a final rule that expands the types of credit products covered by the 36% rate cap and other military-specific protections under the Military Lending Act.
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After nearly five years with the CFPB, Deputy Director Steve Antonakes is stepping down from his position as the bureau’s No. 2 official to spend more time with his family.
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At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.
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Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.
Read More →The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.
Read More →The CFPB won’t lose a key weapon in its auto-lending crackdown, but the court’s 5-4 decision does open the door to challenges in auto finance.
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