Compliance & Regulation | Auto Finance News - Part 100

Why it’s Important to Right-Size Your Compliance Staff

People skills and knowledge of both the auto industry and financial regulations – these are the most important qualities to look for when building your compliance staff, according to panelists at the Right-Sizing Your Compliance Staff webinar on March 26. In the webinar, co-hosted by The Center for Auto Finance Excellence and Fiserv, representatives from four companies offered their […]

Few CFPB Collection Complaints Relate to Auto

The Consumer Financial Protection Bureau logged 30,000 consumer complaints last year about debt collectors, but only 521 ― 1.7% ― were related to auto debts, an agency spokesman told Auto Finance News. Of all the complaints received, 35% were referred to other regulators, such as the Federal Trade Commission, the spokesman said. The CFPB report, […]

CFPB Names New Head of Installment Lending

The Consumer Financial Protection Bureau said today it had filled three senior positions at the agency, including Jeffrey Langer who will take over as assistant director for the Office of Installment and Liquidity Lending Markets ― the area that oversees auto finance. Langer will work at the bureau’s Research, Markets, and Regulations Division. Richard Hackett […]

Another Congressman Writes to Cordray

The Consumer Financial Protection Bureau continues to face scrutiny from lawmakers, as yet another Congressman has written a letter to Chairman Richard Cordray demanding answers about the agency’s role in regulating auto finance. The latest is from Rep.  Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee. According to a report in the Wall […]

Is the CFPB ‘Regulating’ Dealers?

Dealers already don’t like the Consumer Financial Protection Bureau. But they might like the CFPB less after last week. According to a Forbes report late last week, the CFPB is advising consumers to shop for a loan before going into dealerships at a bank or credit union, saying it will force the dealer and lender […]
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