Compliance & Regulation | Auto Finance News - Part 3

Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance News. “[The decision] is throwing a fly in the CFPB’s ointment for […]

5 lessons to learn from software vendor data breach

According to a June 12 settlement announced by the Federal Trade Commission, back in 2015 an employee of Iowa-based LightYear Dealer Technologies, the parent company of DealerBuilt, plugged in a storage device to the company’s backup network in order to increase storage capacity.  However, the employee failed to ensure that the device was securely configured, thereby […]

Florida AG cracks down on auto loan fraud

The Florida Attorney General’s office has announced a settlement with now-defunct Riverside Chevrolet and its former owner, Andrew Ferguson, for selling consumers vehicles with outstanding liens from August 2017 to April 2018. The settlement carries a price tag of $1.2 million, according to an agency release. “We are shifting into high gear to protect Florida […]

NMAC settles DOJ suit over unlawful repos with $3M payment

Nissan Motor Acceptance Corp. has agreed to pay the Department of Justice $3 million following allegations that the captive violated the Servicemembers Civil Relief Act (SCRA), a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service.  The suit alleges that Franklin, Tenn.-based NMAC repossessed 113 vehicles owned […]

CFPB extends FDCPA comment period

Sentiment among consumer advocacy groups is split on the Consumer Financial Protection Bureau’s announcement of the 30-day extension on the comment period for its proposed debt collection rule. Last month a group of consumer advocacy groups and industry trade groups sent separate letters to the CFPB requesting a 60- to 90-day extension on the comment […]

Credit Acceptance discloses 3 new investigations

Credit Acceptance Corp. (CAC) is at the center of regulatory actions initiated over a two-week period by the Consumer Financial Protection Bureau (CFPB) and the attorneys general of Mississippi and New York, the company disclosed in a July 30 10-Q filed with the SEC. “We don't have any insight into when and why those things […]
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