Post Tagged with: "CFPB"

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CFPB’s Title Lending Rule Has Limited Scope in Auto

October 6, 2017 at 12:55 pm 1 comment

The Consumer Financial Protection Bureau released its final rule on payday and title lending on Thursday and largely limited the rule’s scope to short-term loans of 45 days or less. The final rule requires financial institutions offering these short-term, single-payment loans to determine whether the consumer has the ability toRead More

Forced Protection: How Will The Industry Respond to Wells Fargo’s Insurance Scandal?

Forced Protection: How Will The Industry Respond to Wells Fargo’s Insurance Scandal?

October 5, 2017 at 12:00 pm 0 comments

Typically, when one of the nation’s largest auto lenders returns $80 million to consumers it wrongly charged, industry leaders stop to ask how they can prevent a similar scenario at their respective companies. But in the case of Wells Fargo Dealer Services’ admitted mishandling of its force-placed insurance policy, theRead More

President and Chief Executive of Wells Fargo & Co. Timothy Sloan speaks before the Senate Banking, Housing, and Urban Affairs Committee.

OCC Recommends Enforcement Against Wells Fargo Amid CEO’s Senate Hearing

October 3, 2017 at 12:30 pm 0 comments

The staff at the Office of the Controller of the Currency has recommended enforcement action against Wells Fargo & Co. for improperly charging consumers for auto insurance, according to Reuters. The recommendation was made to the acting chief of the OCC Keith Noreika, who will take the next few weeksRead More

U.S. Congressman Jeb Hensarling speaking at the 2015 Reagan Dinner for the Dallas County Republican Party in Dallas, Texas. (Photo by Gage Skidmore)

Lack of Auto Experts at CFPB Caused Missteps in Wells Fargo Probe, Lawyer Says

September 25, 2017 at 10:00 am 0 comments

A report this week from the House Financial Services Committee revealed that the Consumer Financial Protection Bureau ended its investigation of Wells Fargo & Co.’s fake checking accounts scandal early, thus halting an opportunity to uncover the auto division’s force-placed insurance scandal. “The outcome would have been different and consumerRead More

CFPB Missed Chance to Probe Wells Fargo’s Insurance Scandal, Report Finds

CFPB Missed Chance to Probe Wells Fargo’s Insurance Scandal, Report Finds

September 20, 2017 at 12:46 pm 2 comments

A new report from the House Financial Services Committee argues that the Consumer Financial Protection Bureau stopped its investigation of Wells Fargo & Co.’s faked checking accounts scandal early and missed an opportunity to uncover Wells Fargo Dealer Services’ ensuing collateral protection insurance scandal earlier. The report cites a documentRead More

Why Regulators Are Keeping a Close Watch on Dealers

Why Regulators Are Keeping a Close Watch on Dealers

September 13, 2017 at 10:00 am 0 comments

Dealers are faced with an assortment of issues today when it comes to the red-tape of compliance. From the Consumer Financial Protection Bureau to the Department of Justice and state attorneys general, they are all keeping a close watch on dealer business practices. But some issues, more than others, areRead More

CFPB Exploring Alternative Data Regulation, Cordray Says

CFPB Exploring Alternative Data Regulation, Cordray Says

September 5, 2017 at 12:22 pm 1 comment

The director of the Consumer Financial Protection Bureau Richard Cordray was expected to make an announcement regarding his highly speculated gubernatorial run in Ohio this weekend, but instead highlighted a possible plan to regulate how credit scores are calculated. During his speech at the annual AFL-CIO Labor Day picnic inRead More

The Cynic’s View on the CFPB Arbitration Rule

The Cynic’s View on the CFPB Arbitration Rule

September 5, 2017 at 9:30 am 0 comments

On July 10, the Consumer Financial Protection Bureau issued the final version of its arbitration rule banning consumer financial services providers from enforcing federal or state court class-action waivers in pre-dispute arbitration agreements. The rule — which takes effect Sept. 19 and with which compliance will be required in MarchRead More

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

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