Articles by: EFG Companies

Staying Ahead of the CFPB Arbitration Rule [SPONSORED]

Staying Ahead of the CFPB Arbitration Rule [SPONSORED]

August 18, 2017 at 9:00 am 0 comments

When the Consumer Financial Protection Bureau was created, the Dodd-Frank Act gave the CFPB authority to study mandatory, predispute arbitration agreements. Before the CFPB could do anything, they needed to conduct this study, report to Congress, and then propose whatever rule they deemed in the consumer’s best interest. Last summer,Read More

How Will the CFPB’s Arbitration Rule Impact You? [SPONSORED]

How Will the CFPB’s Arbitration Rule Impact You? [SPONSORED]

August 11, 2017 at 9:00 am 1 comment

On July 10, the Consumer Financial Protection Bureau issued a rule banning companies from denying arbitration to groups of people. “The Consumer Financial Protection Bureau today announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court,” according to theRead More

Compliance Pressure Points [SPONSORED]

Compliance Pressure Points [SPONSORED]

August 4, 2017 at 9:15 am 0 comments

Automotive dealers and lenders are facing tremendous profitability pressures this year. In fact, the Federal Reserve raised interest rates by 0.25 basis points in June — and signaled more increases were on the horizon. This increase will most likely exacerbate the trends already present, including low unit sales and softRead More

CFPB Upheaval [SPONSORED]

CFPB Upheaval [SPONSORED]

July 28, 2017 at 9:00 am 0 comments

The Consumer Financial Protection Bureau had a busy first quarter defending itself. In the process of appealing the ruling from the U.S. Court of Appeals for the District of Columbia calling the CFPB “unconstitutionally structured,” the Department of Justice and 15 state Attorneys General joined the fray of government entitiesRead More

Millennials Need Cars Now [SPONSORED]

Millennials Need Cars Now [SPONSORED]

July 21, 2017 at 9:00 am 0 comments

Millennials, roughly those born between 1980 and 2004, are late to join the car-buying masses. In fact, they also appear to be late to everything else — leaving home later, getting married later, and having families later. But latest reports indicate that this generation is finally entering the market en masse!Read More

Compliance Pressure Points [SPONSORED]

Compliance Pressure Points [SPONSORED]

June 30, 2017 at 9:00 am 0 comments

Automotive dealers and lenders are facing tremendous profitability pressures this year. In fact, the Federal Reserve raised interest rates by 0.25 basis points in June — and signaled more increases were on the horizon. This increase will most likely exacerbate the trends already present, including low unit sales and soft applications.Read More

Are You a Predatory Auto Lender? [SPONSORED]

Are You a Predatory Auto Lender? [SPONSORED]

June 23, 2017 at 9:00 am 0 comments

No! Of course not! Auto lenders simply review the information provided to make funding decisions based on credit score, loan-to-value, and debt-to-income ratios. But, what happens when the information provided isn’t correct? What if the income or vehicle value is higher than they should be? As a lender, you know that youRead More

Managing Rising Consumer Debt [SPONSORED]

Managing Rising Consumer Debt [SPONSORED]

June 16, 2017 at 9:00 am 1 comment

The data says it all. According to Euromonitor and JATO, between 2009 and 2016: U.S. consumer spending on vehicles grew by 36% The outstanding balance of consumer auto loans increased by 36% Disposable income only grew 15% The outstanding balance of consumer loans as a whole decreased by 7% The average auto debt perRead More

Perspective on Auto Sales Plateau [SPONSORED]

Perspective on Auto Sales Plateau [SPONSORED]

June 9, 2017 at 9:00 am 1 comment

It’s official. Auto sales have plateaued. Dealerships across the U.S. are reporting low sales numbers in comparison to last year. Manufacturers have increased incentives, but no one’s taking the bait. Looking at these headlines, it all looks like doom and gloom. But, let’s take a step back for a second.Read More

Protecting Against Subprime Lending Concerns [SPONSORED]

Protecting Against Subprime Lending Concerns [SPONSORED]

May 19, 2017 at 10:22 am 1 comment

A few weeks ago, the Federal Reserve Bank of New York reported record-high auto debt in the fourth quarter of 2016, totaling a whopping $1.16 trillion, up about 9% from 2015. The news sent alarm bells ringing, stirring up talk about the possibility of a bubble. Lenders and dealers alikeRead More

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