Compliance & Regulation | Auto Finance News - Part 2

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 […]

Abusive GAP sales on CFPB radar

The Consumer Financial Protection Bureau is likely to keep an eye on lenders’ sales of guaranteed asset protection (GAP) products after highlighting the issue as a key finding in its summer 2019 Supervisory Highlights report. The report underscored one or more instances of auto lenders selling GAP products to consumers who would not have benefited […]

Unpacking California’s new privacy reg: 2 issues lenders need to know

Starting January 2020, financial institutions will need to keep their data security procedures in check as California’s new consumer protection act goes into effect. The legislation gives California consumers the “private right of action,” or the ability to sue companies, if their personal information is the subject of a data breach resulting from a business’s […]

CFPB innovation network success hinges on broader AG acceptance, lawyer says

The freshly launched financial innovation network designed to enhance coordination among federal and state regulators likely won’t “materially change anything”  until the sandbox-opposing state attorneys general sign on, said McGlinchey Stafford Attorney Robert Savoie. The Consumer Financial Protection Bureau (CFPB) announced Tuesday that it is working with seven state regulators to form the American Consumer Financial Innovation […]

3 strategies for lenders to mitigate internal threats to consumer data security

With the enactment of the California Consumer Privacy Act of 2018 and the barrage of copycat legislation in other states, there has been significant focus on consumer data and privacy issues from the vantagepoint of the consumer: what information is collected and how consumers can direct companies what to do — or not do — with that information. While the discussion has largely […]

Alabama dealer defrauds credit union

A Huntsville, Ala., man has been sentenced to 30 months in prison for bank fraud and tampering with vehicle odometers, the Department of Justice announced last week. He has been ordered to pay $109,000 in restitution, $28,000 in fines, and will spend three years in supervised release after serving out the term of his sentence. […]

NJ AG steps up auto enforcement

The New Jersey Attorney General’s office has reached settlements with two dealership groups engaged in alleged consumer fraud, according to an announcement. Auto Mall 46, which does business under 10 dealership names, agreed to pay $219,927 in civil penalties for altering the price on sales and lease documents to an amount other than what was […]
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