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 […]

Lender Halts Originations Amid Florida Attorney General Investigation

Marlin Financial, a Miami-based auto lender, stopped originating auto loans on Sept. 26, as the company undergoes changes to its business practices enforced by the state attorney general, a company spokeswoman told Auto Finance News. “All the recent policy changes [Marlin Financial] is doing, we are going through the attorney general, and that is the […]

CFPB Identifies Deceptive Auto Loan Servicing Practices

Recent auto loan servicing examinations conducted by the Consumer Financial Protection Bureau found fraudulent and unfair practices related to billing statements and wrongful repossessions, the bureau announced Thursday. The wrongful acts were publicized in the CFPB’s  Supervisory Highlights report. While the report does not impose any new legal requirements — publishing the findings serves as a […]

Santander to Settle Long-Rumored CFPB Allegations of Loan, GAP Misrepresentation

Nearly a year after speculation of a possible consent order surfaced, Santander Consumer USA is close to settling allegations by the Consumer Financial Protection Bureau that it misled consumers about costs of certain loans and the coverage of ancillary insurance products, according to Reuters. Specifically, the subprime lender was accused in November 2017 of allowing […]

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 […]

CFPB to Eliminate Military Lending Supervisory Exams Amid DoD Regulatory Changes

The White House is planning on revising Department of Defense (DoD) rules to more freely allow the sale of add-on products to military servicemembers at the same time that the Consumer Financial Protection Bureau prepares to scrap supervisory examinations of lenders in regards to violations of the Military Lending Act. The proposed changes were revealed […]