Compliance | Auto Finance News - Part 5

Attorneys Seek CFPB Definition of Abusive Practices

The Consumer Financial Protection Bureau has set the ball rolling to define the term “abusive” in the Dodd-Frank Act, which prohibits lenders from committing unfair, deceptive, or abusive acts or practices. Acting Director Mick Mulvaney announced the move in the CFPB’s rulemaking agenda released last month, but did not specify a timeline for the definition. […]

15 Credit Unions Targeted in Fraudulent Auto Loan Scheme

More than a dozen credit unions across the country were hit with a fake car loan scheme perpetrated by three conspirators found guilty last week. The fraudulent acts were first revealed in March when the suspects were accused of obtaining $1 million in auto loans, according to court documents filed by federal prosecutors in U.S. […]

CFPB to Consider Future Rule on Disparate Impact

The Consumer Financial Protection Bureau is considering future rulemaking regarding its disparate impact doctrine, according to the Fall 2018 rulemaking agenda updated today. The agenda notes the bureau is reexamining the requirements of the Equal Credit Opportunity Act concerning disparate impact in light of Supreme Court and congressional disapproval of the guidance. “The [CFPB] thinking about a rulemaking shows […]

Nissan Dealerships Slapped With $40M Fine for Loan Defaults

Nissan Motor Acceptance Corp. has won its legal battle with a group of Manhattan-based franchise dealerships. The captive is entitled to $40.1 million after the dealerships and their guarantors defaulted on loan obligations, according to court documents. The litigation was sparked by the dealerships initially suing NMAC for a “breach of contract,” the filing notes. […]

Lender Halts Originations Amid Florida Attorney General Investigation

Marlin Financial, a Miami-based auto lender, stopped originating auto loans on Sept. 26, as the company undergoes changes to its business practices enforced by the state attorney general, a company spokeswoman told Auto Finance News. “All the recent policy changes [Marlin Financial] is doing, we are going through the attorney general, and that is the […]

Cox Automotive Boosts Ancillary Product Compliance for Lenders With Acquisition

Cox Automotive Inc. announced the acquisition of Texas-based Intersection Technologies Inc., better known in the industry as F&I Express, the companies announced on Monday afternoon. The acquisition is a move for F&I Express to access more of the resources that Cox can provide, including a large lender and dealer client base. Those clients can now leverage […]

Lawyer Cautions Against Overreaction to CFPB Supervisory Guidelines

Following the issuance of new supervisory guidelines, the Consumer Financial Protection Bureau released a statement highlighting that the guidelines do not have the same force as laws — but that doesn’t mean lenders should not heed the warning, lawyers told AFN. The statement emphasized that guidelines do not “have the force and effect of law, […]

HCA, NMAC Battle Dealership Fraud

Hyundai Capital America and Nissan Motor Acceptance Corp. accused a dealer group with operations across Pensylvania and Michigan of failing to repay floorplan loans and selling $10.5 million worth of vehicles out of trust, according to court documents. The dealerships include Hazleton Hyundai and Hazleton Kia in Hazle Township, Pa. Additionally, NMAC filed lawsuits against […]
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