Compliance
Fair Credit Reporting Act: Policy check in – permissible purpose
It should come as no surprise that the Fair Credit Reporting Act (FCRA) includes the potential for hefty liability, both...
NY Department of Financial Services cracks down on dealer markup
The New York Department of Financial Services has sanctioned two banks for allowing dealer markups on auto loans, yet auto...
Petition seeks to exempt ringless voicemail from TCPA
A petition filed with the Federal Communications Commission (FCC) seeking to exempt ringless voicemails as “calls” in the Telephone Consumer...
Vehicle subscriptions plunge auto lenders into compliance ‘gray area’
Subscription models can unlock new routes to mobility for consumers, but navigating compliance practices can be challenging for auto lenders...
U.S. House of Representatives votes to override OCC True Lender Rule
The U.S. House of Representatives on June 24 voted 218 to 208 to repeal the Office of the Comptroller of...
Mitigating reputational risk amid resumed MLA examinations by the CFPB
Auto lenders may need to review their compliance to the Military Lending Act (MLA) to avoid reputational risks, fines or...
Gateway One SEC settlement comes 4 years too late
Late last week, the Securities and Exchange Commission announced a $6.5 million settlement with Gateway One Lending & Finance for...
Do you need to know your customer?
Auto dealerships and lenders are likely familiar with “know your customer” requirements, which typically involve obtaining identification information from customers...
