Compliance | Auto Finance News - Part 4

Initial Comments on Debt Collection Proposal Trickle In

The Consumer Financial Protection Bureau’s recently proposed amendments to the Fair Debt Collection Practices Act has earned rebuke from the public, just three days into the proposal’s comment period. The bureau’s proposal to amend the regulation that implements the FDCPA primarily focuses on debt collection communications and disclosures in light of "newer communication technologies” such as mobile phones, […]

Auto Finance Summit 2019 Registration Opens With New Agenda

Auto Finance News is proud to announce that the Auto Finance Summit 2019 registration and agenda are now available on AutoFinanceSummit.com. The 19th annual event will take place October 28-30 at the Bellagio Las Vegas. Registration can be submitted here.  It’s a revolutionary time for auto finance, as technological innovations are making waves in the industry. Meanwhile, lenders are working to stay ahead […]

Compliance Complexities Lenders Should Know About E-Contracting

Recently, the auto finance sector has seen traditional paper consumer sales and financing documents replaced with electronic documents. Greater familiarity with electronic transactions, accessibility of simple, secure technology, and acceptance by capital markets may have each contributed to this trend. However, these transactions are still relatively new. What does this mean to lenders? Essentially, lenders […]

Proposed Changes to Collection Practices Could Affect First-Party Creditors

The Consumer Finance Protection Bureau has issued a Notice of Proposed Rulemaking (NPRM) to the Fair Debt Collection Practices Act (FDCPA) and, while the proposal is geared toward third-party collectors, first-party creditors will need to make changes as well, Stefanie Jackman, a partner at Ballard Spahr, told Powersports Finance. “Some of the proposals, if enacted as […]

CFPB Move to Cap Collection Calls Sparks Controversy Between Agencies, Advocates

PHILADELPHIA — The Consumer Financial Protection Bureau’s proposed rule change to the Fair Debt Collection Practices Act, which would limit the number of times debt collectors can call consumers, “will likely force creditors to turn to [increased] litigation or credit reporting,” ACA International Chief Executive Mark Neeb said at the agency’s first town hall meeting […]

Industry Pushes Back on CFPB Proposal for ‘Time-Barred Debt’

PHILADELPHIA — The Consumer Financial Protection Bureau’s proposed rule related to lawsuits on "time-barred debts" — those no longer legally collectible under the Fair Debt Collection Practices Act — came under fire from consumer advocates and debt collection agencies at a town hall on May 7. The proposed CFPB rule would bar a debt collector from […]

Collectors, Consumer Advocates Face Off on Debt Collection Rules at Town Hall Meeting

PHILADELPHIA — Subject matter experts representing debt collection agencies and consumer advocacy groups had split reactions on changes to the Fair Debt Collection Practices Act proposed by the Consumer Financial Protection Bureau on May 7. “Back [in 1977], phone booths were on almost every corner, and the ubiquity of cell phones was not even imaginable,” CFPB […]
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