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Senate Banking Committee Urges Oversight of Data Security

As auto lenders increasingly turn to technology to improve customer experience, the Senate Banking Committee is pushing for “close scrutiny” over the way financial institutions collect, use, and protect personally identifiable consumer information, the committee announced this week. Committee Chairman Sen. Mike Crapo (R-Idaho) and Ranking Member Sen. Sherrod Brown (D-Ohio) asked for feedback from […]

Democratic House Likely to Scrutinize Lenders as State AGs Step Up Enforcement

A Democrat-controlled House will likely subpoena auto lenders for information about their practices, bumping up the threat of reputational and headline risk in 2019, Chris Willis, a partner at Atlanta-based Ballard Spahr LLP and practice leader of the firm’s consumer financial services litigation group, told Auto Finance News. “[The House Financial Services Committee] can issue […]

Attorneys Seek CFPB Definition of Abusive Practices

The Consumer Financial Protection Bureau has set the ball rolling to define the term “abusive” in the Dodd-Frank Act, which prohibits lenders from committing unfair, deceptive, or abusive acts or practices. Acting Director Mick Mulvaney announced the move in the CFPB’s rulemaking agenda released last month, but did not specify a timeline for the definition. […]

CFPB to Consider Future Rule on Disparate Impact

The Consumer Financial Protection Bureau is considering future rulemaking regarding its disparate impact doctrine, according to the Fall 2018 rulemaking agenda updated today. The agenda notes the bureau is reexamining the requirements of the Equal Credit Opportunity Act concerning disparate impact in light of Supreme Court and congressional disapproval of the guidance. “The [CFPB] thinking about a rulemaking shows […]

Lawyer Cautions Against Overreaction to CFPB Supervisory Guidelines

Following the issuance of new supervisory guidelines, the Consumer Financial Protection Bureau released a statement highlighting that the guidelines do not have the same force as laws — but that doesn’t mean lenders should not heed the warning, lawyers told AFN. The statement emphasized that guidelines do not “have the force and effect of law, […]

Regulators Reject Wells Fargo’s Plan to Pay Back Consumers Affected by Insurance Scandal

Wells Fargo & Co.’s proposal to remediate consumers impacted by its force-placed insurance scandal was rejected by regulators for not comprehensively coverings all affected borrowers, according to a report from Tuesday evening. The lender submitted their plan to pay back consumers in June per the requirements of a $1 billion consent order issued by the […]

Regulation Falls on State Attorneys General as CFPB Focuses on Education

The withdrawal of the Consumer Financial Protection Bureau is causing states to “feel like they have to step in where the government is pulling back,” Patty Covington, attorney at Hudson Cook, told Auto Finance News. Since Acting Director Mick Mulvaney assumed leadership of the Bureau last year, the consumer watchdog has transitioned the Office of […]

With Mulvaney at the Helm, CFPB Debt Collection Rule Faces Elimination

The Consumer Financial Protection Bureau was expected to announce its rule governing debt collection by third parties “any time now,” but with the reaffirmation of Mick Mulvaney as the agency’s interim director, the rule could be voided or drastically changed, said Christopher Willis, partner at Ballard Spahr LLP. “I would expect that any industry-wide pronouncements […]
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