CFPB Warns Against ‘Tricking Consumers’ With Pay-by-Phone Fees

Regulated entities should be prepared to defend their policies and practices surrounding fee-based pay-by-phone options in light of new guidance issued by the Consumer Financial Protection Bureau. The CFPB released a compliance bulletin on July 31 to provide guidance on charging pay-by-phone fees. In a press release, the CFPB touts the bulletin as a warning […]
  • Auto Finance News
  • August 21, 2017

Staying Ahead of the CFPB Arbitration Rule [SPONSORED]

When the Consumer Financial Protection Bureau was created, the Dodd-Frank Act gave the CFPB authority to study mandatory, predispute arbitration agreements. Before the CFPB could do anything, they needed to conduct this study, report to Congress, and then propose whatever rule they deemed in the consumer’s best interest. Last summer, the CFPB proposed a rule […]
  • EFG Companies
  • August 18, 2017

Westlake Reimburses Borrowers Charged Over 21% APR

The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake entered into a consent order at […]
  • William Hoffman
  • August 17, 2017

How Will the CFPB’s Arbitration Rule Impact You? [SPONSORED]

On July 10, the Consumer Financial Protection Bureau issued a rule banning companies from denying arbitration to groups of people. “The Consumer Financial Protection Bureau today announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court,” according to the agency’s press release. “Many consumer […]
  • EFG Companies
  • August 11, 2017

ATV Owner Claims Unfair Dealing Practices at Sheffield

A West Virginia man is accusing Sheffield Financial, the powersports arm of BB&T Bank, of a breach in “good faith and fair dealing” after repossessing the man’s ATV, according to court documents. John Tominack — a Wheeling, W.Va., resident — filed a complaint with the Ohio County circuit court in July after initially purchasing the all-terrain […]
  • William Hoffman
  • August 10, 2017

Not All Compliance Management Systems Are Created Equal

While the Consumer Financial Protection Bureau continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED, and various state regulators have all incorporated the CFPB’s hyper focus on consumer risk into their supervision duties. As such, regulatory focus continues to remain concentrated […]
  • Auto Finance News
  • August 8, 2017

Wells Fargo Faces Legal, Congressional Backlash From Insurance Scandal

Wells Fargo Dealer Services has to contend with a subpoena from the N.Y. Department of Financial Services, at least three lawsuits from consumers claiming significant financial harm, and calls from Washington, D.C., for a Congressional investigation into the lender’s practices, following the revelation of its latest scandal. Last week, Wells Fargo confirmed that its collateral […]
  • William Hoffman
  • August 7, 2017

What Gets Measured Gets Done: Establishing Key Risk Indicators to Measure Compliance Health

When we visit a doctor, we learn much about our health risk based on various measurements. Doctors check our blood pressure, heart rate, and cholesterol levels, and then compare them to medically determined acceptable rates. If our results are higher than the acceptable rates, doctors will advise us how to manage those rates downward to […]
  • Linda Iannone
  • August 7, 2017

Compliance Pressure Points [SPONSORED]

Automotive dealers and lenders are facing tremendous profitability pressures this year. In fact, the Federal Reserve raised interest rates by 0.25 basis points in June — and signaled more increases were on the horizon. This increase will most likely exacerbate the trends already present, including low unit sales and soft applications. Now — more than […]
  • EFG Companies
  • August 4, 2017

CFPB Upheaval [SPONSORED]

The Consumer Financial Protection Bureau had a busy first quarter defending itself. In the process of appealing the ruling from the U.S. Court of Appeals for the District of Columbia calling the CFPB “unconstitutionally structured,” the Department of Justice and 15 state Attorneys General joined the fray of government entities agreeing with the initial ruling. […]
  • EFG Companies
  • July 28, 2017
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