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CFPB eyes inconsistencies in consumer finance law with new ‘task force’

Kathy Kraninger, director of the Consumer Financial Protection Bureau, has set in motion plans to create a task force of non-bureau members to identify conflicts and inconsistencies within existing consumer financial laws.  The “Taskforce on Federal Consumer Financial Law” will consist of a chair and six members, according to the bureau’s website. The task force […]

CBA urges CFPB to exempt lenders from FDCPA

The Consumer Bankers Association has become the latest financial organization to submit formal comments to the Consumer Financial Protection Bureau regarding the Fair Debt Collection Practices Act. In the letter, the trade group urges the CFPB to add language that explicitly exempts creditors and first-party servicers from the bureau’s final ruling. “Although the [notice of […]

Abusive GAP sales on CFPB radar

The Consumer Financial Protection Bureau is likely to keep an eye on lenders’ sales of guaranteed asset protection (GAP) products after highlighting the issue as a key finding in its summer 2019 Supervisory Highlights report. The report underscored one or more instances of auto lenders selling GAP products to consumers who would not have benefited […]

Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance News. “[The decision] is throwing a fly in the CFPB’s ointment for […]

CFPB extends FDCPA comment period

Sentiment among consumer advocacy groups is split on the Consumer Financial Protection Bureau’s announcement of the 30-day extension on the comment period for its proposed debt collection rule. Last month a group of consumer advocacy groups and industry trade groups sent separate letters to the CFPB requesting a 60- to 90-day extension on the comment […]

Consumer groups seek extension of FDCPA comment period

Consumer advocacy groups have formally requested a two-month extension — to Oct. 21 — on the comment period for the Consumer Financial Protection Bureau‘s proposed debt collection rule. The comment period is currently set to expire Aug. 19. Seven advocacy groups signed the letter, citing the long and complicated nature of the proposal. “The proposal’s […]

Reconciling refunds: Why aftermarket products became an afterthought

From the July issue: State and federal regulators are ratcheting up enforcement of ancillary product refunds. In the past few years, auto lenders have faced heightened scrutiny related to the percentage of consumers buying ancillary products, how the products are offered, and what disclosures are provided. But compliance examinations of late have veered in another […]
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