Attorneys Weigh In on Kraninger Appointment, Impact on Auto Lenders

Though newly appointed Consumer Financial Protection Bureau Director Kathy Kraninger will likely continue Mick Mulvaney’s efforts to dismantle the agency, chances are high that she will face tougher oversight than her predecessor, as Democrats take control of the House next year, several attorneys told Auto Finance News. Kraninger, President Donald Trump’s nominee for the CFPB […]

Auto Finance News Launches Week-Long Event for Spring 2019

Auto Finance News today introduced a new event, called Auto Finance Accelerate. The week-long event series focuses on all facets of auto finance operations including sales, marketing, innovation, and risk. The inaugural Auto Finance Accelerate week will take place May 13-16, 2019, at the Omni San Diego.   Produced by Auto Finance News and Royal […]

Kraninger Nomination Advances in Senate

November 29, 2018 The Senate this afternoon invoked cloture on the nomination of Kathy Kraninger as the Director of the Bureau of Consumer Financial Protection(BCFP). The 50 – 49 vote ends debate on the nomination and sets up a final vote sometime after December 4. AFSA strongly supports President Trump‘s nomination for the Director’s position. The association submitted a […]

Democratic House Likely to Scrutinize Lenders as State AGs Step Up Enforcement

A Democrat-controlled House will likely subpoena auto lenders for information about their practices, bumping up the threat of reputational and headline risk in 2019, Chris Willis, a partner at Atlanta-based Ballard Spahr LLP and practice leader of the firm’s consumer financial services litigation group, told Auto Finance News. “[The House Financial Services Committee] can issue […]

Santander Settles CFPB Allegations of Loan, GAP Misrepresentation

Santander Consumer USA has finalized an agreement with the Consumer Financial Protection Bureau to pay a $2.5 million fine and more than $9 million in restitution, according to a consent order filed by the bureau on Tuesday. Nearly a year after speculation surfaced of a possible consent order, Santander is finally settling November 2017 allegations […]

Federal Reserve Urges Regulatory Oversight of AI for Financial Services

As auto lenders increasingly turn to technology to better their businesses, the Federal Reserve is evaluating the regulatory role the agency will play with regard to artificial intelligence, Fed Gov. Lael Brainard said Tuesday during a fintech conference in Philadelphia. “We are working across the Federal Reserve System to take a deliberate approach to understand […]

Hudson Valley FCU Settles DOJ Investigation Over Unlawful Auto Repossessions

Hudson Valley Federal Credit Union has agreed to pay the Department of Justice $95,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. HVFCU, based in Poughkeepsie, N.Y., allegedly repossessed nine vehicles owned by SCRA-protected servicemembers […]
Page 1 of 8712345 102030...Last »