CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies
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
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
On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.
April 14, 2015
CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.
March 17, 2015
DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.
November 19, 2014
Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.
September 18, 2014
During the CFPB’s semi-annual report to the House Financial Services Committee, Director Richard Cordray said the agency will be releasing a white paper on the methodology it uses to determine the presence of discrimination in auto loans.
June 19, 2014
The rule would allow finance sources that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.
May 8, 2014
Last week, U.S. Senator Deb Fischer introduced two bills aimed at restructuring the Consumer Financial Protection Bureau. The bills would replace the CFPB’s director with a bipartisan commission and change the voting requirements for overturning regulations.
April 17, 2014
Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.
March 20, 2014
Industry representatives and consumer advocacy groups squared off in Washington, D.C., last month for the CFPB’s first public forum on auto lending. The event revealed the tightrope the bureau is walking between preserving a rebounding market and strengthening consumer protections.
December 23, 2013
On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.
November 14, 2013
CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.
November 5, 2013
Until last month, the CFPB was doing a lot more aiming than shooting. But its first enforcement action against an auto finance source and its partner company proves the agency isn’t firing blanks.
July 15, 2013
The CFPB launches the nation’s largest database of federal consumer financial complaints. Bureau officials said the database will be used to prioritize its investigations, among other things.
March 28, 2013
In a bulletin issued today, the CFPB warned banking institutions that they could be on the hook for discriminatory markups imposed by dealers. The bureau’s notice also contains guidance on how finance sources should address fair lending risk.
March 21, 2013
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