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.
The CFPB, FRB and DOJ joined forces to host a fair lending webinar. The latter two shed some light on their approach to determining rate discrimination, but the CFPB’s standards for determining disparate impact remain a mystery.
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.
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 Equal Employment Opportunity Commission is suing Chicago’s Rizza Cadillac after three employees complained of harassment.
The CFPB was short on details when it responded last week to 35 House Republicans who requested additional information on the bureau’s review of dealer participation programs.
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.
The Consumer Financial Protection Bureau has ordered U.S. Bank and its nonbank partner company, Dealers’ Financial Services, to pay restitution to participants in the Military Installment Loans and Educational Services (MILES) auto loans program.
Thirteen Democrats in Congress sent a letter to the CFPB's Richard Cordray, asking for “any and all background information” on the bureau's investigations of auto finance.
The 2013 chairman calls out the CFPB for not demonstrating that problems exist with dealer participation programs, and questions the bureau’s use of the disparate impact theory.
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