Compliance & Regulation | Auto Finance News - Part 4

Senators Urge Regulatory Oversight of AI to Prevent Discrimination

As auto lenders increasingly turn to technology like artificial intelligence to improve business practices, two senators are pressing regulators to ensure anti-discrimination laws keep up with the innovation. Sen. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) sent a letter to the leaders of the Consumer Financial Protection Bureau, Federal Reserve, Office of the Comptroller of […]

Santander’s Calling System Still Violates TCPA, Court Finds

Santander Consumer USA’s Aspect calling system will still be considered an automatic telephone dialing system under the Telephone Consumer Protection Act, according to a recent federal court decision. The motion to reconsider filed in U.S. District Court for the Northern District of Illinois was based on the premise that the definition of an autodialer changed […]

Indiana Regulator Focuses on Education for Auto Lenders

Refunds associated with guaranteed asset protection coverage and violations in the Truth in Lending Act are the top two compliance issues Indiana’s Department of Financial Institutions encounters, General Counsel Lyndsay Miller told Auto Finance News. To that end, the regulator is taking an educational approach to compliance when working with auto lenders in the state, […]

Perfecting the Formula: Why Lenders Need to Harness the Power of Social Media

From June's issue: Since the rise of Facebook, Twitter, and Instagram, consumers are increasingly turning to social media to view content, interact with each other, and communicate with the companies they engage with in business. Lenders in auto finance have started harnessing the width and breath of social media, but many are only scratching the […]

Wells Fargo Seeks Approval of $394M Settlement

Wells Fargo & Co. and National General Insurance Co. will reconvene at the U.S. District Court of Santa Ana, Calif., on July 8 for preliminary approval on a proposed $393.5 million settlement, according to a court filing published yesterday. Wells Fargo has agreed to pay $386 million and National General will pay $7.5 million in […]

Dealer Group Owes Ford Credit $45M

Ford Motor Credit has determined that Bart Reagor, co-owner of Lubbock-based Reagor-Dykes Auto Group, owes $45.3 million to the captive in its $112 million floorplan financing fraud suit against the dealer group, according to an amended proposed judgement filed with the U.S. District Court yesterday. Ford Credit already has recouped $74.7 million, which includes the former […]

American Honda Finance Dodges Class-Action Lawsuit

American Honda Finance Corp. has avoided a class-action claim that it was culpable in negligent supervision of one of its dealership partners, according to a unanimous opinion published by the Ninth Circuit Court of Appeals. The plaintiff, Harvinder Singh, alleged that the Auburn, Wash.-based dealer Hinshaw Honda did not provide him with three add-on features […]
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