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 […]

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 […]

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 […]

Auto Innovation Stands to Benefit from CFPB’s Newly Launched Regulatory Sandbox

The Consumer Financial Protection Bureau is trying to “nudge” auto finance innovation, too. The regulator earlier this week unveiled a new “regulatory sandbox,” known as the Global Financial Innovation Network (GFIN), that is intended to help fintech startups develop new products and services for the financial services — and the initiative has import to auto finance. CFPB hired […]

Court Dismisses Conspiracy, Racketeering Claims Against Wells Fargo, but Class Action Remains

A California federal judge dismissed some of the harshest claims posed in a class-action lawsuit against Wells Fargo & Co. and National General Insurance this week, but ultimately allowed the case to continue on the grounds that certain of the lender’s force-placed insurance charges were “unfair.” Wells Fargo allegedly charged more than 800,000 consumers for […]

FTC to Prioritize Deceptive Debt Collection in 2018

Last year, the Federal Trade Commission made a point to focus on deceptive debt collection tactics across all financial products and in 2018 the agency intends to keep up the pressure, Jim Elliott, assistant regional director for the FTC’s Southwest region, said during a presentation at the Auto Finance Performance and Compliance Summit. “We’ll continue […]

Wells Fargo to Pay $1B Fine, Extent of Consumer Harm Undetermined

Wells Fargo & Co. was officially fined $1 billion by federal regulators today in part for mischarging consumers for insurance they didn’t need, following weeks of reporting the charge would be coming. The consent order does not detail how much the bank will be required to pay back to consumers and instead instructs the bank […]
Page 1 of 212