Post Tagged with: "Consumer Financial Protection Bureau"

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

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

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

Lenders Hustle to Revise Contracts Following Arbitration Rule, Sierra Says

Lenders Hustle to Revise Contracts Following Arbitration Rule, Sierra Says

July 21, 2017 at 11:00 am 2 comments

Indirect lenders will need to act quickly to remove arbitration clauses from contracts throughout their dealer networks in the wake of the Consumer Financial Protection Bureau’s arbitration rule, David Keene, director of compliance and licensing at Sierra Auto Finance LLC, told Auto Finance News. “It’s going to be hard, especiallyRead More

CFPB Arbitration Rule to ‘Particularly’ Impact Credit Cards, Lawyer Says

CFPB Arbitration Rule to ‘Particularly’ Impact Credit Cards, Lawyer Says

July 14, 2017 at 9:00 am 0 comments

The Consumer Financial Protection Bureau’s new arbitration rule issued Monday might have a “particular impact” on revolving credit programs in powersports, David Gemperle, partner at Nisen & Elliott LLC, told Powersports Finance. The rule bans companies from using arbitration clauses to deny groups of people their day in court. Financial institutions oftenRead More

The CFPB’s Moving Target [SPONSORED]

The CFPB’s Moving Target [SPONSORED]

July 12, 2017 at 2:10 pm 1 comment

In 2017, the Consumer Financial Protection Bureau continues to influence and shape regulatory compliance requirements for vehicle lenders and servicers. Far from a concrete objective to be achieved and then forgotten, compliance under the CFPB places a fluid and changing set of demands on your company. Making things even more complexRead More

Arbitration Rule to Prompt Confusion for Renegotiated Terms

Arbitration Rule to Prompt Confusion for Renegotiated Terms

July 12, 2017 at 12:57 pm 2 comments

The Consumer Financial Protection Bureau’s new arbitration rule — which bans companies from using arbitration clauses to deny groups of people their day in court — might lead to confusion for auto finance institutions over whether certain actions will be considered new transactions or not, Tom Alleman a lawyer at Dykema Cox Smith, told AutoRead More

5 Steps of Santander’s Compliance Revival

5 Steps of Santander’s Compliance Revival

July 5, 2017 at 12:26 pm 4 comments

Santander Consumer USA has not had an easy two years when it comes to regulatory compliance. In 2015, the company started getting hit with consent orders from the Federal Reserve for failure to pass a stress test. Later that year, the Department of Justice sent a consent order alleging the companyRead More

Slot F