How Does Congress’s Action Impact the CFPB’s Ability to Prohibit Arbitration Clauses?

In a nail-biter of a session, the Senate voted late in the evening on Oct. 24, to invalidate the Consumer Financial Protection Bureau’s recently finalized arbitration rule. The vote on the joint resolution — which had passed the House earlier this year — was 51 to 50 with Vice President Mike Pence assuming the gavel […]
  • Michael Benoit
  • December 18, 2017

CFPB Discriminatory Lending Practices Under Review [SPONSORED]

In 2013, the Consumer Financial Protection Bureau (CFPB) issued regulations holding financial institutions responsible for discriminatory lending practices at dealerships. The rules were based on fair lending requirements under the Equal Credit Opportunity Act (ECOA) as they related to the practice of dealer markup. While intended to prevent creditors — and dealers — from any […]
  • EFG Companies
  • December 15, 2017

CFPB Continues Use of ‘Mystery Shoppers’ [VIDEO]

The Consumer Financial Protection Bureau is still using “mystery shoppers,” which is why lenders are advised to continue treating each consumer as a potential undercover regulatory agent, said Molly Calkins, partner in the Consumer Financial Services Practice Group at Akerman LLP. Mystery shoppers are investigators posing as consumers to apply for loans and to test […]
  • Natalie Mattila
  • December 13, 2017

CFPB’s Dealer Markup Guidance Faces Repeal in Congress

Congress’ investigative unit determined a controversial 2013 guideline from the Consumer Financial Protection Bureau — which holds financial institutions responsible for a discriminatory lending practice at dealerships — is subject to Congressional review and could be headed to Capitol Hill for a vote among deregulatory-minded Republicans.    In March, Senator Pat Toomey (R-Pa.) requested that the […]
  • William Hoffman
  • December 6, 2017

ThunderRoad CEO Spotlights Auto, Powersports Differences Amid Rising Regulation

The regulatory landscape is “getting worse” for lenders, but powersports finance is not “predatory lending,” Donal Hummer Jr., president and chief executive of ThunderRoad Financial, said at PowerSports Finance 2017 last month. There is a “defining difference” between powersports and auto or home lending, Hummer said. “Predatory lending really applies to a situation when you are taking […]
  • Natalie Mattila
  • December 6, 2017

With Mulvaney at the Helm, CFPB Debt Collection Rule Faces Elimination

The Consumer Financial Protection Bureau was expected to announce its rule governing debt collection by third parties “any time now,” but with the reaffirmation of Mick Mulvaney as the agency’s interim director, the rule could be voided or drastically changed, said Christopher Willis, partner at Ballard Spahr LLP. “I would expect that any industry-wide pronouncements […]
  • William Hoffman
  • December 4, 2017

CFPB’s Leadership Change — How Does It Affect You? [SPONSORED]

Despite leadership changes, the Consumer Financial Protection Bureau continues to influence and shape regulatory compliance requirements for vehicle lenders and servicers. Far from a concrete objective to be achieved and then forgotten, compliance with the CFPB places a fluid and changing set of demands on your company. Making things even more uncertain is the continuing […]
  • LenderLive
  • December 4, 2017

CFPB in 2017 [SPONSORED]

In January of this year, President Donald Trump issued an executive order which required agencies like the Consumer Financial Protection Bureau to re-address how they issue new regulations. The order required agencies to eliminate two regulations each time they issue a new one. Because of this, we saw very little activity coming out of the […]
  • EFG Companies
  • December 1, 2017

Mick Mulvaney Wins Battle Over CFPB Director

A federal judge sided with the White House Tuesday evening in a decision that officially installs Mick Mulvaney as the acting director of the Consumer Financial Protection Bureau. Leandra English, the recently appointed deputy director of the CFPB, filed suit earlier this week claiming that she is the “rightful” director of the bureau under the […]
  • William Hoffman
  • November 29, 2017

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

The Consumer Financial Protection Bureau is not expected to be in a “holding pattern” in the long term, following the acting director leadership showdown, said Lucy Morris, partner in the Washington, D.C., office of Hudson Cook LLC. “I don’t think things will stop, but I do think there will be a pause and a slowdown,” […]
  • Natalie Mattila
  • November 29, 2017
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