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Rescinding the CFPB’s Auto Finance Guidance

The editor debunks a few myths about the Consumer Financial Protection Bureau, then explains why the industry is on the brink of repealing the bureau’s auto finance guidance.

January 4, 2018

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

December 6, 2017

Rich Cordray’s Legacy and  The Future of the CFPB

Rich Cordray’s Legacy and The Future of the CFPB

A former bureau official reflects on her time under former CFPB Director Richard Cordray, and explains why the industry shouldn’t be breathing a sigh of relief with his departure.

December 4, 2017

Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

December 1, 2017

Two’s a Crowd: Battle for Control of CFPB Heads to Court
EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty
Cordray Tells CFPB Staffers He Is Stepping Down
Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.

October 25, 2017

Consumer Advocacy Group Calls for Regulatory Review of F&I Product Pricing

Consumer Advocacy Group Calls for Regulatory Review of F&I Product Pricing

The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.

October 24, 2017

CFPB: More than 40% of U.S. Adults Struggle to Make Ends Meet

CFPB: More than 40% of U.S. Adults Struggle to Make Ends Meet

The bureau released results of a national survey that measures the financial well-being of specific consumer groups as well as the population as a whole. The regulator also announced the release of a new tool designed to allow consumers to measure their level of financial well-being.

September 26, 2017

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.

September 21, 2017

Examining the CFPB’s Arbitration Rule
State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

CFPB: Small-Dollar Lending, Debt-Collection Rules Are Coming

The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.

July 27, 2017

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

July 26, 2017