Attorney Eric Johnson fields questions about the state of the CFPB, the now fully staffed FTC, and the aggressive stance of state attorneys general. He also offers a critical update on the Military Lending Act.
A reader wonders if a scenario exists where trading rate for product doesn’t cross that invisible legal line. The magazine’s resident F&I pro weighs in.
Republican Presidential candidate Donald Trump told Reuters he would release a plan in about two weeks for overhauling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
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.
The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.
The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.
The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.
Asbury Automotive executives were confident that the dealer group’s internal caps on dealer markup and its fixed F&I product prices will keep it safe from any actions by regulators.
The group’s chief executive reiterated his support for Honda Financial’s new dealer markup caps. He said the policy should serve as a template for the rest of the auto finance industry.
Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.
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