Compliance | Auto Finance News - Part 3

CFPB Chief Kraninger Appointed Chairman of FFIEC

Kathy Kraninger, director of the Consumer Financial Protection Bureau, was appointed chairman of the Federal Financial Institutions Examination Council last week, according to a company press release. The FFIEC is a formal inter-agency body tasked with prescribing recommendations to promote uniformity in the supervision of financial institutions through uniform principles, standards, and report forms. Its […]

Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]

Ancillary Products Need a Makeover, NADA Says

WASHINGTON, D.C. — The National Automobile Dealers Association wants to rebrand Voluntary Protection Products (VPP) to change the way consumers view the product offering, according to a panel of automobile dealers at CBA Live on Tuesday. To coincide with the panel, the NADA released a VPP policy template to its members the same day. “These […]

Massachusetts AG Probes Borrowers’ Ability to Repay Loans

WASHINTON, D.C. — The Massachusetts attorney general is taking a greater interest in the practices of used-car lenders failing to consider borrowers’ ability to repay, Max Weinstein, chief of the Consumer Protection Division, said at CBA Live 2019. The move draws on a Massachusetts precedent in the mortgage origination space in which a subprime lender […]

3 Themes to Watch in April

Last month, compliance and operations stories dominated the ranks as Auto Finance News’ most-read March stories. Below are AFN's top three themes to monitor, as determined by the six most-read stories in March. TCPA Settlements As the auto regulatory environment continues to heat up with stiffer oversight on both state and federal levels, TCPA settlements […]

California Mini-CFPB Could Spell Trouble for Lenders, Lawyers Say

The creation of a state-level regulatory agency in California similar to the Consumer Financial Protection Bureau would be burdensome for lenders, Quyen Truong, partner at Stroock & Stroock & Lavan LLP, told Auto Finance News, especially considering the Department of Business Oversight is already active in regulating the finance industry. “If a new agency were […]

Former CFPB Director Joins Committee to Discuss Regulatory Oversight in California

Former Consumer Financial Protection Bureau Director Richard Cordray joined the California State Assembly Committee on Banking and Finance Wednesday to discuss Trump administration rollbacks of consumer protections. Cordray was joined by Kat Taylor, Beneficial State Bank co-founder and chief executive, along with representatives from three consumer groups. The goal of the hearing, according to a […]
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