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.
