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.
February 16, 2017
The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.
July 21, 2016
The compliance gurus at F&I Think Tank agreed that a lot is riding on the outcome of November’s presidential elections — including the fate of the F&I department.
June 3, 2016
At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.
May 10, 2016
The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.
February 3, 2016
The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.
November 19, 2015
The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.
October 7, 2015
The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
October 1, 2015
The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.
August 28, 2015
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.
July 23, 2015
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.
June 11, 2015
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.
June 10, 2015
A coalition of five trade groups representing the nation’s largest auto finance sources urged the CFPB to review and respond publicly to a study that questions its methodology for measuring disparities in dealer reserve.
February 19, 2015
F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.
November 20, 2014
AutoNation reported during its second-quarter investor call that it has installed the NADA’s Fair Credit Compliance Program in nine stores. Officials also provided an update on the company’s digital push.
July 24, 2014
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