Jeff Carson likened his year as chairman of the NADA to piloting a plane during a ‘catastrophic electrical failure,” noting that he experienced situations where he started out on what seemed a routine path only to have outside events toss his flight plan out the window.
January 30, 2017
Regulatory insiders say there are two ways the Trump administration can deliver on its promise to dismantle the Dodd-Frank. But neither scenario has a high probability of success, they say.
November 17, 2016
Automotive retailing isn’t the only segment exploring the risks and opportunities of the Digital Age. On Monday, the CFPB issued its first-ever Project Catalyst report highlighting its efforts so far to facilitate consumer-friendly innovation.
October 25, 2016
Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.
October 18, 2016
On Tuesday, a federal appeals court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional. The appellant court’s main issue is the bureau’s single-director structure.
October 11, 2016
Last week, the U.S. House Financial Services Committee passed the Financial CHOICE Act, which supporters describe as an alternative to the Dodd-Frank Act. It contains language aimed at repealing the CFPB’s guidance on dealer participation, among other things.
September 15, 2016
The Consumer Financial Protection Bureau used its field hearing today to issue its proposed rule targeting what Director Richard Cordray called “payday debt traps.”
June 2, 2016
The Consumer Financial Protection Bureau will be holding a field hearing on May 5 in Albuquerque, N.M., to discuss arbitration. CFPB Director Richard Cordray will issue remarks at the hearing
April 21, 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
Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.
January 21, 2016
The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.
January 21, 2016
The acquisition comes more than two months after BMO Harris Bank informed dealers it was exiting 12 states to refocus its indirect auto business.
December 3, 2015
The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.
November 24, 2015
The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.
October 8, 2015
The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
September 29, 2015