Post Tagged with: "compliance"

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

Westlake Reimburses Borrowers Charged Over 21% APR

Westlake Reimburses Borrowers Charged Over 21% APR

August 17, 2017 at 12:05 pm 1 comment

The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead 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

ATV Owner Claims Unfair Dealing Practices at Sheffield

ATV Owner Claims Unfair Dealing Practices at Sheffield

August 10, 2017 at 10:15 am 0 comments

A West Virginia man is accusing Sheffield Financial, the powersports arm of BB&T Bank, of a breach in “good faith and fair dealing” after repossessing the man’s ATV, according to court documents. John Tominack — a Wheeling, W.Va., resident — filed a complaint with the Ohio County circuit court in JulyRead More

Not All Compliance Management Systems Are Created Equal

Not All Compliance Management Systems Are Created Equal

August 8, 2017 at 9:30 am 0 comments

While the Consumer Financial Protection Bureau continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED, and various state regulators have all incorporated the CFPB’s hyper focus on consumer risk into their supervision duties. As such, regulatoryRead More

Photo by Mike Mozart via Flickr.

Wells Fargo Faces Legal, Congressional Backlash From Insurance Scandal

August 7, 2017 at 10:00 am 1 comment

Wells Fargo Dealer Services has to contend with a subpoena from the N.Y. Department of Financial Services, at least three lawsuits from consumers claiming significant financial harm, and calls from Washington, D.C., for a Congressional investigation into the lender’s practices, following the revelation of its latest scandal. Last week, WellsRead More

What Gets Measured Gets Done: Establishing Key Risk Indicators to Measure Compliance Health

What Gets Measured Gets Done: Establishing Key Risk Indicators to Measure Compliance Health

August 7, 2017 at 9:00 am 0 comments

When we visit a doctor, we learn much about our health risk based on various measurements. Doctors check our blood pressure, heart rate, and cholesterol levels, and then compare them to medically determined acceptable rates. If our results are higher than the acceptable rates, doctors will advise us how toRead 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

If the CFPB Audited You Tomorrow … [SPONSORED]

If the CFPB Audited You Tomorrow … [SPONSORED]

July 25, 2017 at 9:00 am 0 comments

Imagine that the bureau’s examiners are waiting in the lobby. The time for preparation has come and gone. What are they going to find? The regulatory scrutiny brought to bear in the vehicle finance industry has changed the way companies operate, and it’s no secret that the Consumer Financial ProtectionRead More

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