CFPB | Auto Finance News | Page 3 | Auto Finance News - Part 3

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 […]

Is Compliance Down for the Count?

On Wednesday, April 17th, the U.S. Senate completed a 15 minute roll call vote on the motion to proceed with S.J.Res.57, a joint resolution providing for Congressional disapproval of the rule submitted by the Consumer Financial Protection Bureau (CFPB) relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act”. Weeding through the […]

Senate Votes to Remove CFPB Rule Preventing Racial Bias at Dealerships

The U.S. Senate on Tuesday passed a resolution (50-47) that would repeal an Obama-era rule that limits racial bias at dealerships amid further evidence that a significant amount of discrimination still takes place at dealerships. The legislation would overturn the Consumer Financial Protection Bureau’s 2013 bulletin, which caps how much lenders can allow their dealer […]

CFPB Director Mulvaney Backs Commission Structure in Congressional Hearing

Consumer Financial Protection Bureau Acting Director Mick Mulvaney spoke before Congress this week to tout legislative changes to the structure of the regulator he’s advocating. Although Mulvaney stopped short of asking Congress for a bipartisan commission structure in his semi-annual report released last week, he seemed to support the idea during a hearing before the […]

Mulvaney Boosts Pay for CFPB Deputies While Limiting Budget

At least four deputies hired to help run the Consumer Financial Protection Bureau are being paid more than Congress Members or cabinet secretaries all while Acting Director Mick Mulvaney cuts the bureau’s budget and proposes changes to its funding structure, according to a report from the Associated Press.    Of the eight deputies Mulvaney has […]

Lenders Are ‘In Limbo’ Amid Potential Changes to CFPB Fair Lending Policies

  The battle over how the Consumer Financial Protection Bureau polices discrimination cases has long been one of the most contentious wars waged between the auto finance industry and its regulators. This battle had led to multi-million-dollar consent orders, has forced or persuaded several lenders to cap their dealer compensation rates, and has prompted at […]

CFPB Report Advocates Structural Changes Short of a Bipartisan Commission

The Consumer Financial Protection Bureau released its annual report on Monday, and it includes four legislative policy recommendations that would erode the agency’s independence and make it more beholden to political institutions. First, Acting Director Mick Mulvaney is recommending that Congress appropriate the Bureau’s funding rather than the Federal Reserve. Second, he seeks legislative approval […]
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