Compliance | Auto Finance News - Part 4

On The Radar: Lenders Eye 3 States Set to Intensify Oversight

From the March issue: Despite the regulatory sigh of relief provided last year by the rollback of the 2010 Dodd-Frank Act, stricter state regulations have auto lenders holding their breath. On the heels of a February 2018 call by Mick Mulvaney, former acting director of the Consumer Financial Protection Bureau, to let states more often […]

NMAC Shells Out $2.2M to Settle Claims of TCPA Violations

Nissan Motor Acceptance Corp. has agreed to pay $2.2 million to resolve allegations that it violated the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent. NMAC denied all liability in the case, according to a March 18 motion filed in California federal court. Per […]

FTC to Give Compliance Update at Auto Finance Risk Summit

Kenneth Abbe, enforcement attorney in the Federal Trade Commission‘s Western region, has joined the speaker faculty at the Auto Finance Risk Summit to share strategies for lenders to improve regulatory risk management.  Abbe will take the stage on May 15 at 4:30 p.m. PT for a panel discussion entitled “Regulators’ Roundtable,” which will offer alerts […]

Flagship Credit Acceptance Settles $4M TCPA Claim

Flagship Credit Acceptance LLC has agreed to a $4 million class-action settlement against allegations that the subprime lender violated the Telephone Consumer Protection Act by “calling individuals on cellular telephones using an automatic telephone dialing system and/or a prerecorded voice,” according to a court filing. Chadds Ford, Pa.-based Flagship “strongly disputes” that the calls were […]

AFSA Provides Input on Cybersecurity to Key Senate Committee

Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information. “Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in a […]

Why the Auto Finance Industry Needs a Greater Focus on Digital Sales & Marketing

Most sales and marketing job ads go something like this: As an Inside Sales Relationship Manager, you will be contacting Auto Dealerships to sign up with AUTO FINANCE COMPANY NAME HERE as one of their sub-prime lenders. … The expectations for the first year at this job is to be making $60k – $100k per […]

State Regulators Step Up to Post-Cordray Era Challenge

Much has been reported on changes at the Consumer Financial Protection Bureau after new leadership took the helm a little over a year ago. We have watched the evolution of the agency’s enforcement posture, the repeal of its 2013 indirect auto fair lending bulletin, and an overhaul to its rulemaking agenda. The auto finance industry is not the […]

Proposed FTC Amendments May Impede Lenders’ Use of Aggregators

Proposed Federal Trade Commission amendments to a rule governing consumer data protection “could significantly affect the activities and contracting process” between lenders and lead aggregators, said Quyen Truong, a partner at Stroock & Stroock & Lavan. If the amendments are implemented, lenders will need to ensure that aggregators — which fall into the category of […]
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