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Auto Finance Summit 2019 Registration Opens With New Agenda

Auto Finance News is proud to announce that the Auto Finance Summit 2019 registration and agenda are now available on AutoFinanceSummit.com. The 19th annual event will take place October 28-30 at the Bellagio Las Vegas. Registration can be submitted here.  It’s a revolutionary time for auto finance, as technological innovations are making waves in the industry. Meanwhile, lenders are working to stay ahead […]

Pennsylvania AG Steps Up Regulatory Oversight

WASHINGTON, D.C. — The Pennsylvania Attorney General’s office is taking a more aggressive stance on consumer financial protections, Sam Mirarchi, senior deputy attorney general and assistant director of litigation for the Bureau of Consumer Protection, said during a panel at CBA Live last week. Mirarchi estimates that 30% to 40% of the office’s attention is […]

Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]

Massachusetts AG Probes Borrowers’ Ability to Repay Loans

WASHINTON, D.C. — The Massachusetts attorney general is taking a greater interest in the practices of used-car lenders failing to consider borrowers’ ability to repay, Max Weinstein, chief of the Consumer Protection Division, said at CBA Live 2019. The move draws on a Massachusetts precedent in the mortgage origination space in which a subprime lender […]

California Mini-CFPB Could Spell Trouble for Lenders, Lawyers Say

The creation of a state-level regulatory agency in California similar to the Consumer Financial Protection Bureau would be burdensome for lenders, Quyen Truong, partner at Stroock & Stroock & Lavan LLP, told Auto Finance News, especially considering the Department of Business Oversight is already active in regulating the finance industry. “If a new agency were […]

Former CFPB Director Joins Committee to Discuss Regulatory Oversight in California

Former Consumer Financial Protection Bureau Director Richard Cordray joined the California State Assembly Committee on Banking and Finance Wednesday to discuss Trump administration rollbacks of consumer protections. Cordray was joined by Kat Taylor, Beneficial State Bank co-founder and chief executive, along with representatives from three consumer groups. The goal of the hearing, according to a […]

FTC to Give Compliance Update at Auto Finance Risk Summit

Kenneth Abbe, enforcement attorney in the Federal Trade Commission‘s Western region, has joined the speaker faculty at the Auto Finance Risk Summit to share strategies for lenders to improve regulatory risk management.  Abbe will take the stage on May 15 at 4:30 p.m. PT for a panel discussion entitled “Regulators’ Roundtable,” which will offer alerts […]

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 […]
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