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.
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.
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.
Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.
A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.
Auto finance sources reveal that they, too, are focused on the customer experience, and say they are ready for what’s expected to be another great year for auto sales.
The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.
The current regulatory environment demands that dealers take a good hard look at their processes and policies. F&I pro offers some recommendations.
Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.
On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.
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