Post Tagged with: "Consumer Financial Protection Bureau"

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CFPB Title Lending Rule to Limit Subprime Risk

October 19, 2017 at 10:00 am 0 comments

The latest small-dollar lending rule from the Consumer Financial Protection Bureau could limit risk surrounding subprime borrowers seeking a vehicle title loan, John Redding, partner at Buckley Sandler LLP, told Auto Finance News. When consumers seek loans outside of their traditional bank, they might resort to putting their vehicle up asRead More

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Wells Fargo Expects Auto Declines to Continue for Another Year

October 13, 2017 at 12:17 pm 0 comments

For the fourth quarter in a row, Wells Fargo Dealer Services’ delinquencies and charge-offs have grown amid a rapidly declining originations volume environment, and the company expects the volume declines to continue into the second half of 2018. Originations were down 47% in the third quarter compared to the sameRead More

A Turn of the Screw [SPONSORED]

A Turn of the Screw [SPONSORED]

October 13, 2017 at 9:00 am 0 comments

On July 10, the Consumer Financial Protection Bureau issued a rule banning companies from denying arbitration to groups of people. For auto retail dealers and lenders, this change is just one more turn of the screw clamping down on the ability to do business. The new ruling stipulates that autoRead More

Illegal Repos Cause Veteran Pushback on Forced Arbitration

Illegal Repos Cause Veteran Pushback on Forced Arbitration

October 10, 2017 at 11:30 am 0 comments

The Union Veterans Council supported the Consumer Financial Protection Bureau’s ban of forced arbitration clauses in a letter to congress this week, claiming that the “rigged, secretive” practice kept the problem of illegal servicemember vehicle repossessions in the dark. Specifically, the group cites how veterans were denied their day inRead 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

Compliance Insider: The Cynic Returns

Compliance Insider: The Cynic Returns

September 15, 2017 at 9:30 am 0 comments

You may recall that last month I wrote about how a cynic might view the Consumer Financial Protection Bureau’s arbitration rule and its corresponding ban on class-action waivers in predispute arbitration agreements. My cynic held the view that the rule, while purporting to be only a ban on waivers, wasRead 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

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