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CFPB Asks Congress for Authority on Military Lending Act Compliance

Consumer Financial Protection Bureau Director Kathy Kraninger issued a legislative proposal to Congress on Thursday asking for authority to supervise compliance with the Military Lending Act.  The move by Kraninger is another step to reverse policies implemented by predecessor Mick Mulvaney, who had announced in August 2018 that the bureau would scrap supervisory examinations of […]

Auto Finance News’ 4 People to Watch in 2019

A number of auto manufacturers, finance operations, and government bodies have new people at the helm, ready to leave their marks. The following are AFN editors’ picks for 4 people to watch in 2019: Kathy Kraninger Kathy Kraninger succeeded Mick Mulvaney as director of the Consumer Financial Protection Bureau in December 2018. Kraninger’s first official move […]
  • Nicole Casperson
  • January 4, 2019
  • Strategy

Santander Settles SEC Claims of Improper Auto Loan Accounting

Santander Consumer USA is paying a $1.5 million fine to settle claims by the Securities and Exchange Commission over the lender’s accounting for troubled subprime loans. The SEC charged that for at least eight reporting periods, from 2014 to 2016, Santander Consumer USA  failed to calculate and report its credit loss allowance for certain impaired […]

Kraninger Scraps CFPB Name Change

The Consumer Financial Protection Bureau is keeping its name after Director Kathy Kraninger determined a change would be too costly for lenders, she wrote in an email to the bureau staff this week. In her first official move as the CFPB’s new director, Kraninger has halted her predecessor’s efforts to change the agency’s name to […]

Attorneys Weigh In on Kraninger Appointment, Impact on Auto Lenders

Though newly appointed Consumer Financial Protection Bureau Director Kathy Kraninger will likely continue Mick Mulvaney’s efforts to dismantle the agency, chances are high that she will face tougher oversight than her predecessor, as Democrats take control of the House next year, several attorneys told Auto Finance News. Kraninger, President Donald Trump’s nominee for the CFPB […]

Santander Settles CFPB Allegations of Loan, GAP Misrepresentation

Santander Consumer USA has finalized an agreement with the Consumer Financial Protection Bureau to pay a $2.5 million fine and more than $9 million in restitution, according to a consent order filed by the bureau on Tuesday. Nearly a year after speculation surfaced of a possible consent order, Santander is finally settling November 2017 allegations […]

Election Analysis: AFSA Examines the Midterm Results

The 2016 midterm elections are history and we now know that the House of Representatives will shift control to the Democrats, while the Senate will have a strengthened Republican majority. Of particular interest to AFSA members, Tuesday’s winners include the former chief of staff of the Presidential Task Force on the Auto Industry, a mortgage […]
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