Consumer Advocates Call on Regulators to Clamp Down on Discriminatory Auto Lending

Consumer advocates proposed prohibiting dealer markups and increasing federal oversight to combat alleged discriminatory indirect lending practices, in a U.S. House Committee on Financial Services hearing Wednesday. “Many of the disparities we will discuss here today are only possible because the market for cars — especially car finance for used cars — is opaque and […]

• Bianca Chan
• May 2, 2019
• Compliance, Operations

Bureau Adopts AFSA Suggestions to Improve Vague Investigative Process

This week, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID. AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for information, AFSA […]

• American Financial Services Association
• April 26, 2019
• Auto Finance Excellence, Compliance

BMW Financial to Explore Compliance Strategies at Auto Finance Risk Summit

BMW Financial Services’ compliance manager, Richard Corthell, has joined the speaker faculty at the Auto Finance Risk Summit to discuss the various ways lenders can establish an organizational structure that assigns compliance responsibility. Corthell takes the stage on Thursday, May 16 at 9:05 a.m. PT for a presentation where he’ll guide the audience through strategies […]

• Joey Pizzolato
• April 19, 2019
• Compliance

Md. Senate Committee Rejects Bill to Preserve Watchdog Agency, Mandate Dealer Rate Disclosures

The Maryland Senate Financial Committee voted down a bill last week to extend the Financial Consumer Protection Commission’s regulatory power for two years, effectively decommissioning the state-run watchdog on June 30 and scrapping a requirement that auto dealers disclose to consumers the “buy rate” on loan contracts. The buy rate refers to the lowest annual […]

• Joey Pizzolato
• April 17, 2019
• Compliance, Operations, Update

Exeter Settles AG Investigations Over Unlawful Lending Practices

Exeter Finance LLC will shell out $5.5 million to settle allegations that it financed subprime auto loans deemed "unfair" by the Massachusetts Consumer Protection Law. The Office of Attorney General Maura Healey alleged that Exeter “facilitated the origination of certain loans that Exeter knew or should have known were unfair,” according to an April 5 […]

• Nicole Casperson
• April 15, 2019
• Compliance, Operations, Risk, Update

Pennsylvania AG Steps Up Regulatory Oversight

WASHINGTON, D.C. — The Pennsylvania Attorney General’s office is taking a more aggressive stance on consumer financial protections, Sam Mirarchi, senior deputy attorney general and assistant director of litigation for the Bureau of Consumer Protection, said during a panel at CBA Live last week. Mirarchi estimates that 30% to 40% of the office’s attention is […]

• Joey Pizzolato
• April 11, 2019
• Compliance, Operations, Update

Auto Finance Accelerate 2019 Unveils Slate of Speakers From Chase Auto, Ally, Hyundai Capital

Auto Finance News is proud to welcome a slate of diverse speakers to this year’s spring event, Auto Finance Accelerate 2019, to be held May 13-16 at the Omni San Diego. The speaker faculty is quickly expanding with the addition of several top captives and banks. Chase Auto’s Chief Marketing Officer Melinda Welsh will kick off […]

• Nicole Casperson
• April 10, 2019
• Compliance, Credit Performance, Innovation & Mobility, Operations, Risk, Sales & Marketing, Strategy, Technology

Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]

• Kelly Lipinski
• April 10, 2019
• Auto Finance Excellence, Compliance