Compliance & Regulation | Auto Finance News - Part 5

CFPB Broadens Scope of Financial Education Tool

The Consumer Financial Protection Bureau expanded the audience of its virtual financial education tool, called Misadventures in Money Management, to include all active service members. When launched in 2016, the tool was developed for future service members who had not yet been shipped off to basic military training. Last week, the bureau widened the audience […]

CFPB Innovation ‘Sandbox’ Likely to Fuel State AG Enforcement

SAN DIEGO — Companies that participate in the Consumer Financial Protection Bureau’s proposed innovation-focused “sandbox” rules to spur innovation may be penalized by state attorneys general, lawyers said at the Auto Finance Innovation Summit last week. The CFPB released proposals earlier this year meant to encourage innovation in the consumer financial services space by allowing […]

What Creditors Should Know About Co-Debtors in Chapter 13 Consumer Bankruptcies

Auto lenders must have a basic familiarity with the consumer bankruptcy process. An essential component of any consumer bankruptcy is the automatic stay. The “automatic stay” is the name of the injunction that arises automatically upon the filing of any bankruptcy. The stay prevents lenders from, among other things, seeking to collect on a debt […]

Pennsylvania AG Targets Dealership Owner in Fraud Suit

The Pennsylvania Attorney General’s office has filed suit against buy-here, pay-here dealership Auto Now, on the grounds that the Wilkes-Barre dealer — and its owner — knowingly defrauded consumers by advertising a non-existent credit restoration program. The lawsuit names Auto Now’s owner, Thomas Hashem, as a defendant, a move that is in line with the […]

Initial Comments on Debt Collection Proposal Trickle In

The Consumer Financial Protection Bureau’s recently proposed amendments to the Fair Debt Collection Practices Act has earned rebuke from the public, just three days into the proposal’s comment period. The bureau’s proposal to amend the regulation that implements the FDCPA primarily focuses on debt collection communications and disclosures in light of "newer communication technologies” such as mobile phones, […]

Auto Finance Summit 2019 Registration Opens With New Agenda

Auto Finance News is proud to announce that the Auto Finance Summit 2019 registration and agenda are now available on AutoFinanceSummit.com. The 19th annual event will take place October 28-30 at the Bellagio Las Vegas. Registration can be submitted here.  It’s a revolutionary time for auto finance, as technological innovations are making waves in the industry. Meanwhile, lenders are working to stay ahead […]

Compliance Complexities Lenders Should Know About E-Contracting

Recently, the auto finance sector has seen traditional paper consumer sales and financing documents replaced with electronic documents. Greater familiarity with electronic transactions, accessibility of simple, secure technology, and acceptance by capital markets may have each contributed to this trend. However, these transactions are still relatively new. What does this mean to lenders? Essentially, lenders […]
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