All Posts | Auto Finance News - Part 549

GemCap Funds $5 Million BHPH Facility

Asset lender GemCap funded a $5 million revolving credit facility for an undisclosed buy-here, pay-here auto dealership. The dealership has experienced steady growth in the past few years and needed a new facility to support its trajectory. “This is an important segment of our economy, and we’re happy to support the continued growth of our […]

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 […]

Deadline Nears for Big Wheels Submissions

With the deadline looming, now’s the time to submit 2013 results for inclusion in Big Wheels Auto Finance Data: A Ranking of the Nation’s Top Car Financiers, at Big Wheels produces the definitive tabulation of automotive lending and leasing activity in the nation. It offers a unique opportunity to include your company’s performance among […]

Hackett Lands at Hudson Cook

Former Consumer Financial Protection Bureau assistant director Richard Hackett has taken a job at law firm Hudson Cook LLP. Hackett left the CFPB in June 2013, after a three-year stint. At the agency, he worked in installment and small dollar lending. According to his Linkedin page, Hackett’s work as a partner at Hudson Cook will […]

AFSA Launches Fair Lending Study

Consulting firm Charles River Associates started work this month on a fair lending study ― commissioned by the American Financial Services Association ― meant to assess the effectiveness of the current dealer compensation model and evaluate costs and benefits of alternative approaches. The independent study stems from concerns expressed by the Consumer Financial Protection Bureau […]
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