CFPB Identifies Deceptive Auto Loan Servicing Practices

Recent auto loan servicing examinations conducted by the Consumer Financial Protection Bureau found fraudulent and unfair practices related to billing statements and wrongful repossessions, the bureau announced Thursday. The wrongful acts were publicized in the CFPB’s  Supervisory Highlights report. While the report does not impose any new legal requirements — publishing the findings serves as a […]

Deadline Nears for Auto Finance Excellence Awards

With just more than a week to go before the Sept. 18 deadline, now’s the time to submit nominations for the 2018 Auto Finance Excellence Awards, which have annually since 2005 recognized executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies […]

Chevrolet Dealership Slapped With $2M Fine for Loan Fraud

An Erie, Pa.-based dealership agreed to pay a penalty after getting caught in a fraud scheme in which the dealership sold vehicles at falsely inflated prices to subprime consumers who could not afford them, the U.S Attorney’s Office said Friday. Specifically, Hallman Chevrolet and the Hallman Auto Group falsified subprime loan documents and inflated prices […]

Santander to Settle Long-Rumored CFPB Allegations of Loan, GAP Misrepresentation

Nearly a year after speculation of a possible consent order surfaced, Santander Consumer USA is close to settling allegations by the Consumer Financial Protection Bureau that it misled consumers about costs of certain loans and the coverage of ancillary insurance products, according to Reuters. Specifically, the subprime lender was accused in November 2017 of allowing […]

Regulation Falls on State Attorneys General as CFPB Focuses on Education

The withdrawal of the Consumer Financial Protection Bureau is causing states to “feel like they have to step in where the government is pulling back,” Patty Covington, attorney at Hudson Cook, told Auto Finance News. Since Acting Director Mick Mulvaney assumed leadership of the Bureau last year, the consumer watchdog has transitioned the Office of […]

Court Requires Capital One to Pay Out-of-State Income Taxes

Capital One Auto Finance’s Virginia-based affiliate banks must pay taxes on income earned from consumers in Oregon, despite not having a physical presence in the state, according to a decision made by Oregon’s Supreme Court this week. After being audited by the state tax court for not sourcing revenue to the state despite advertising and […]

CFPB Nominee Kraninger Approved by Committee, Awaits Senate Vote

Kathy Kraninger moved one step closer to securing a spot as the next permanent director of the Consumer Financial Protection Bureau today with the approval of the Senate Banking Committee along a party-line vote 13-12. She still faces a vote from the full Senate body, but it’s unclear if she will be called before the chamber […]

Boston Fed Releases Santander from 2015 Consent Order

The Federal Reserve Bank of Boston released Santander Holdings USA Inc. from regulatory restrictions imposed in a written agreement in July 2015, according to a press release by the Fed on Thursday. The enforcement action was filed after the Reserve Bank of Boston’s inspection of Santander identified “deficiencies” in the bank’s governance, risk management, capital planning, and […]
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