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.
Findlay Automotive Group has selected Automotive Compliance Consultants’ compliance services to ensure the group’s 26 dealerships comply with regulations.
The magazine’s legal insider doesn't believe the bureau has jurisdiction over the F&I products industry, but she admits there’s too much gray area in the Dodd-Frank Act to know for sure.
The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
On Wednesday, the CFPB released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. While auto was excluded from the review, the report’s findings make similar provisions used in auto transactions look ‘consumer-friendly by comparison,’ says legal insider.
The F&I Conference’s compliance panel offered up more questions than answers, but participants made clear the industry’s newest regulator has plenty of tools at its disposal.
A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.
The magazine will convene an all-star cast of compliance and regulatory experts to delve into the Dodd-Frank Act and the Consumer Financial Protection Bureau. They’ll also touch on what’s happening at the state level.
The traded association's new Operations and Regulatory Compliance Committee will address the policies, guidance, enforcement actions and regulations issued by the federal government and agencies that impact its members.
The Consumer Financial Protection Bureau’s No. 2 official will depart after a new set of mortgage rules is finalized, The Wall Street Journal reports.
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