Compliance | Auto Finance News - Part 5

FTC Proposes Amendments to Safeguards and Privacy Rules

Last week, the Federal Trade Commission issued proposed amendments to its Safeguards Rule and Privacy Rule, both promulgated under the Gramm-Leach-Bliley Act (GLBA). The Safeguards Rule, which originally went into effect in 2003, requires that financial institutions develop, implement, and maintain a comprehensive information security program. The Privacy Rule, which originally went into effect in 2000, requires that financial institutions […]

5 Features of Lending Technology to Measure Compliance

“We expect that the next five years will bring more change to auto finance than the past 50 years combined.” That statement from PricewaterhouseCoopers, made in the consultancy’s Auto Finance Risk and Compliance Highlights 2017 report, was based on research into the numerous factors affecting auto lending. With urbanization, evolving models of vehicle ownership, changing consumer […]

HCA’s James Vincent Joins Speaker Faculty at Auto Finance Risk Summit

Hyundai Capital America is joining the speaking faculty at the 12th annual Auto Finance Risk Summit to share strategies on how lenders can improve risk management through digital transformation. HCA’s Vice President and Department Head of Consumer Risk James Vincent will take the stage on May 15 at 3:45 p.m. PT for a panel discussion […]

California Subprime Lender Settles DOJ Investigation Over Unlawful Auto Repossessions

A California-based auto lender has agreed to pay the Department of Justice $80,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. California Auto Finance, based in Orange County, Calif., allegedly repossessed vehicles of two […]

Regulation Lags Behind Alt-Data Usage

LAS VEGAS – Lenders that use alternative data for underwriting should tread carefully until regulation has a chance to catch up, said executives at a securitization conference yesterday. “We want to support business and don’t want to stifle innovation, but we have to move in a measured way,” Rostin Behnam, commissioner of the Commodity Futures […]

Predicting the Top Regulatory Issues for 2019

Gazing into a crystal ball from my office in Cleveland, here are some of the key issues I predict we’ll grapple with in 2019: First, what will the Consumer Financial Protection Bureau look like in its first full year with a new sheriff in town? Kathy Kraninger assumes the director role from a previous position outside the industry, as […]

McGlinchey Stafford Signs On as Compliance Partner for Auto Finance Excellence

Auto Finance Excellence, a sister service of Auto Finance News, is proud to announce McGlinchey Stafford as the official Compliance partner. McGlinchey Stafford’s National Consumer Financial Services Group works with clients providing advice on federal and state compliance and litigation. The firm handles a range of vehicle finance legal needs, from documentation, licensing, and transactional advice to resolution […]

Senate Banking Committee Urges Oversight of Data Security

As auto lenders increasingly turn to technology to improve customer experience, the Senate Banking Committee is pushing for “close scrutiny” over the way financial institutions collect, use, and protect personally identifiable consumer information, the committee announced this week. Committee Chairman Sen. Mike Crapo (R-Idaho) and Ranking Member Sen. Sherrod Brown (D-Ohio) asked for feedback from […]
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