Regulators Reject Wells Fargo’s Plan to Pay Back Consumers Affected by Insurance Scandal

Wells Fargo & Co.’s proposal to remediate consumers impacted by its force-placed insurance scandal was rejected by regulators for not comprehensively coverings all affected borrowers, according to a report from Tuesday evening. The lender submitted their plan to pay back consumers in June per the requirements of a $1 billion consent order issued by the […]

CFPB Identifies Deceptive Auto Loan Servicing Practices

Recent auto loan servicing examinations conducted by the Consumer Financial Protection Bureau found fraudulent and unfair practices related to billing statements and wrongful repossessions, the bureau announced Thursday. The wrongful acts were publicized in the CFPB’s  Supervisory Highlights report. While the report does not impose any new legal requirements — publishing the findings serves as a […]

Tricolor to Develop ‘Alternative’ BHPH Credit Bureau, CEO Says

Used-car retailer Tricolor is developing an “alternative credit bureau” for buy-here-pay-here consumers based on their “ability to pay, versus intent to pay,” Chief Executive Daniel Chu told Auto Finance News. “If consumers can prove through their employment behavior that they are consistent with applying themselves, [Tricolor] believes that is deserving of extending better finance terms,” […]

Santander to Settle Long-Rumored CFPB Allegations of Loan, GAP Misrepresentation

Nearly a year after speculation of a possible consent order surfaced, Santander Consumer USA is close to settling allegations by the Consumer Financial Protection Bureau that it misled consumers about costs of certain loans and the coverage of ancillary insurance products, according to Reuters. Specifically, the subprime lender was accused in November 2017 of allowing […]

Regulation Falls on State Attorneys General as CFPB Focuses on Education

The withdrawal of the Consumer Financial Protection Bureau is causing states to “feel like they have to step in where the government is pulling back,” Patty Covington, attorney at Hudson Cook, told Auto Finance News. Since Acting Director Mick Mulvaney assumed leadership of the Bureau last year, the consumer watchdog has transitioned the Office of […]

CFPB Nominee Kraninger Approved by Committee, Awaits Senate Vote

Kathy Kraninger moved one step closer to securing a spot as the next permanent director of the Consumer Financial Protection Bureau today with the approval of the Senate Banking Committee along a party-line vote 13-12. She still faces a vote from the full Senate body, but it’s unclear if she will be called before the chamber […]

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 […]
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