Kraninger Weighs in on Rulemaking Process During CFPB Nomination Hearing

The nominee for the newly named Bureau of Consumer Financial Protection has been criticized for her lack of experience in the financial services sector, but today’s Senate hearing provided a slight glimpse into her views on rulemaking and how she would apply it to the auto finance space. Kathleen Kraninger, an associate director for general […]

History Tells a Story About Compliance

In our 24/7 news cycle, it’s easy to lose perspective. People overlook the ebb and flow of things – especially anything with political overtones. While the world of finance prefers to keep things consistent, the one thing people can count on is change. Change is especially true when it comes to compliance. From regulation to […]

CFPB Deputy Director to Resign, Drops Lawsuit Over Mulvaney Appointment

CFPB Deputy Director Leandra English is leaving the agency with plans to file court papers on Monday that will bring an end to her legal battle challenging Mick Mulvaney’s appointment as acting director, according to statements released by her attorney. English directly attributed her resignation to President Trump’s June nomination of Kathy Kraninger as permanent […]

Senate Hearing to Probe CFPB Nominee’s Experience

Kathy Kraninger, President Donald Trump’s pick to succeed Acting Director Mick Mulvaney as permanent director of the Consumer Financial Protection Bureau, will be questioned by the Senate Banking Committee on July 19. Kranginger currently serves under Mulvaney in his other capacity as director of the Office of Management and Budget. Some of the most common […]

Citibank Avoids Penalties by Self Reporting, Signals Shift in CFPB Approach

The Consumer Financial Protection Bureau may be signaling that lenders can avoid fines if they self-report, following actions taken against Citibank last week, Richard Gottlieb, partner in the financial services group at Chicago-based Manatt, Phelps & Phillips, LLP, told Auto Finance News. Citibank is refunding $335 million to 1.75 million accounts after allegedly violating the Truth in Lending Act by […]

Dealers Perceive Pick Up From Credit Unions Amid Pullback From Banks

Tight lending standards, decreasing vehicles sales, and a digital-savvy market has one dealer turning to credit unions to “pick up the slack” of traditional lenders, Paul Ritchie, president of Hagerstown Honda and Kia. “We used to do very little business with credit unions, but now we are doing a lot more than we’ve ever done,” Ritchie […]

Sharpening Decisions: Lenders Have Been Forced to Hone Choices Amid Intensifying Opportunity Risk

When Hyundai Capital America entered the subscription space in April 2017, several OEMs were already offering an all-in-one monthly price for lease payments, maintenance, and insurance. Fast forward a year, and Hyundai has increased prices on its subscription service and is evaluating whether to expand the scope of the program. “We don’t know what the […]

Federal Judge Rules CFPB Structure Unconstitutional

A New York federal judge ruled on Thursday that the structure of the Consumer Financial Protection Bureau is unconstitutional. The rationale: it’s an “independent agency with a director that can only be dismissed for wrongdoing,” Justin Hosie, an attorney with Hudson Cook LLP, told Auto Finance News. The ruling is a part of a decision […]
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