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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 […]

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 […]
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