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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 […]

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. […]

Regulators to Hone in on Deceptive Practices at Dealerships [VIDEO]

Federal regulators will be focusing on deceptive practices at dealerships, especially in regard to ancillary products and how they are wrapped into the financing of a vehicle, lawyers said during a panel discussion at the Auto Finance Performance and Compliance Summit. “Going forward, I think the federal and state regulators will be honing in on […]

Regulators to Keep Pressure on Deceptive Practices, Ancillary Products

Lawyers at the Auto Finance Performance and Compliance Summit were unified in their advice to not pull back from auto finance compliance amid the perceived easing of regulators because there are active examinations taking place at a hand-full of lenders they represent. “Lenders should stay the course,” said Kenneth Rojc, managing partner of the automotive […]

Acting Director Mulvaney Issues Review of CFPB Enforcement Operations

The Consumer Financial Protection Bureau announced it will review and seek public comment regarding nearly all facets of the regulatory agency starting with the civil investigative demands (CIDs) process. CFPB Acting Director Mick Mulvaney is issuing requests for information on enforcement, supervision, rulemaking, market monitoring, and education activities at the agency, according to a press […]

Industry Weighs in on 2018 Compliance Trends Through Twitter Chat

There is a lot of uncertainty surrounding the future of compliance in the auto finance space, so Auto Finance News turned to Twitter for some community input. No one was able to determine who the next Consumer Financial Protection Bureau director will be, or if Leandra English will be successful in retaking control from current […]

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 […]

CFPB to Maintain Regulatory Authority Following Director’s Resignation

As Richard Cordray leaves his post as director of the Consumer Financial Protection Bureau at month’s end, auto lenders should “take the long view,” said Lucy Morris, a partner with Hudson Cook LLP. “There is no suggestion that the agency is going to lose its authority or its various tools,” Morris told Auto Finance News. […]
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