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A business manager from Buffalo, N.Y., offers his take on U.S. Bank’s announcement that it will monitor F&I product pricing.
Read More →According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.
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In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.
Read More →A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.
Read More →BB&T Bank’s dealer finance arm announced today that it is switching to a flat fee compensation model that eliminates dealer markups on retail installment sales contracts, effective July 1.
Read More →The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.
Read More →The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.
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The House passed an amendment Wednesday that would bar the Department of Justice from using funds for litigation in which the regulator seeks to apply the disparate impact theory.
Read More →U.S. Bank told dealers this week that it’s monitoring how they price F&I products. If its monitoring program finds ‘unexplained differences in pricing or excessive add-on product financing on a prohibited basis,’ dealers will be asked to provide an explanation.
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More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.
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