Compliance & Regulation | Auto Finance News

CFPB eyes inconsistencies in consumer finance law with new ‘task force’

Kathy Kraninger, director of the Consumer Financial Protection Bureau, has set in motion plans to create a task force of non-bureau members to identify conflicts and inconsistencies within existing consumer financial laws.  The “Taskforce on Federal Consumer Financial Law” will consist of a chair and six members, according to the bureau’s website. The task force […]

CBA urges CFPB to exempt lenders from FDCPA

The Consumer Bankers Association has become the latest financial organization to submit formal comments to the Consumer Financial Protection Bureau regarding the Fair Debt Collection Practices Act. In the letter, the trade group urges the CFPB to add language that explicitly exempts creditors and first-party servicers from the bureau’s final ruling. “Although the [notice of […]

Veros Credit outlines steps to prepare for CFPB’s revised debt collection rule [podcast]

While the Consumer Financial Protection Bureau mulls industry feedback on its proposed amendments to the Fair Debt Collection Practices Act, lenders should be proactive in their compliance strategies to prepare for the bureau’s final ruling. In this episode of The Roadmap, Veros Credit’s Chief Legal Officer Robert Tennant chats with Auto Finance Excellence to discuss what the impact on lenders will be if the new […]

Stiffer regs hamper skiptracing efforts

DALLAS – Advancements in skiptracing technology have prompted state and federal regulators to step up oversight, and new and proposed legislation are top of mind for recovery and repossession executives, panelists said at the ALS Resolvion Innovations in Recovery conference Thursday. On a federal level, recent developments include the Consumer Financial Protection Bureau’s proposed Rule […]

California AG sues dealer for deceptive practices

California Attorney General Xavier Becerra is suing a used-car dealer for allegedly defrauding auto lenders and low-income Californians, according to court documents filed with the County of Alameda Superior Court. Paul Blanco, owner and CEO of Paul Blanco’s Good Car Co., operates seven used-car dealerships in California and two in Nevada. The dealership chain, which […]
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