Compliance experts will take center stage for the “Inside Regulators’ Renewed Focus on Auto Lending” panel discussion at the Auto Finance Summit, returning live Oct. 26-28 at the Wynn Las Vegas.
The session will be held Thursday, Oct. 27 at 2:30 p.m. PT, and includes panelists Mark Edelman, member at McGlinchey; Robert Gage, partner at law firm Hudson Cook; David Gemperle, partner at law firm Nisen & Elliott; and John Redding, partner at law firm Alston & Bird.
The Auto finance Summit participants can expect to connect with a diverse group of executives from both prime and nonprime banks, credit unions, floorplan lenders, thrifts, dealerships and service providers through on-site networking opportunities, a matchmaking algorithm, and a virtual event platform.
View the full agenda for the Auto Finance Summit here.
Together the panelists bring decades of auto finance compliance expertise: Edelman has been at McGlinchey for more than 21 years; Redding joined Alston & Bird in 2020 following a nine-year stint as partner at law firm Buckley; Gage joined Hudson Cook in 2016; and Gemperle has spent nearly 19 years with Nisen & Elliott, serving as partner at the firm for the past seven years.
The panel discussion will dive into trending compliance topics in the auto lending and leasing industry, including artificial intelligence (AI), the Equal Credit Opportunity Act and vehicle repossessions. The session will also touch on federal and state regulations on ancillary product refunds and organizational tips to prepare for an increase in examinations.
The session topics are timely, given the Consumer Financial Protection Bureau’s (CFPB) recent reinforcement that companies that use credit reports must obtain “permissible purpose” under the Fair Credit Reporting Act (FCRA) to check a consumer’s credit history.
And in May the CFPB examined AI- and machine learning-powered credit decisioning, and publicly voiced concerns that creditors’ underwriting algorithms may not provide a full explanation for funding decisions.
The Federal Trade Commission (FTC), too, has been zeroing in on auto finance, proposing in June a rule that would ban “junk fees and bait-and-switch tactics” during the car-buying process. The proposed rule requires dealers to disclose to consumers the full price of a vehicle and optional add-on products.
The Auto Finance Summit will inform lenders on what they should know now about compliance and regulation in a market defined by evolving technology and changing consumer preferences.