Compliance 2018: Even More Complex and Costly?

With the Consumer Financial Protection Bureau in transition and state regulators moving to pick up any slack, vehicle finance regulation is going to present complex challenges in 2018. Here are a few of the difficulties in store, as forecasted by LenderLive’s Compliance Solutions team:

• Servicemembers Civil Relief Act (SCRA) – In 2017 we saw a sharp increase in the number of enforcement actions and settlements under the SCRA. Expect this trend to continue in 2018.
• Federal bankruptcy rule updates – Significant changes were made to the Federal Rules of Bankruptcy Procedure, including Chapter 13 cases that are especially relevant to the auto finance industry.
• Debt collection under new Supreme Court rulings – Two recent U.S. Supreme Court rulings have created uncertainty about whether debt buyers — those who collect debts that they own but did not originate — will be subject to the Fair Debt Collection Practices Act (“FDCPA”).

Download our new 2018 Compliance Outlook and Year-End Summary for more information about these changes and much more about what you can expect from regulators this year.