Attorneys Seek CFPB Definition of Abusive Practices

The Consumer Financial Protection Bureau has set the ball rolling to define the term “abusive” in the Dodd-Frank Act, which prohibits lenders from committing unfair, deceptive, or abusive acts or practices. Acting Director Mick Mulvaney announced the move in the CFPB’s rulemaking agenda released last month, but did not specify a timeline for the definition. […]

Lender Halts Originations Amid Florida Attorney General Investigation

Marlin Financial, a Miami-based auto lender, stopped originating auto loans on Sept. 26, as the company undergoes changes to its business practices enforced by the state attorney general, a company spokeswoman told Auto Finance News. “All the recent policy changes [Marlin Financial] is doing, we are going through the attorney general, and that is the […]

CFPB Warns Against ‘Tricking Consumers’ With Pay-by-Phone Fees

Regulated entities should be prepared to defend their policies and practices surrounding fee-based pay-by-phone options in light of new guidance issued by the Consumer Financial Protection Bureau. The CFPB released a compliance bulletin on July 31 to provide guidance on charging pay-by-phone fees. In a press release, the CFPB touts the bulletin as a warning […]

6 Compliance Topics Lenders Need to Watch

There was a lot of optimism in the business community following the 2016 election as dreams of tax reform and deregulation swirled around in CEO’s heads. But, in reality, it’s been a lot of the same partisan gridlock that tends to mire the process.   A partisan fight over healthcare continues to take up all […]

Choice … or No Choice?

How’s that Dodd-Frank reform — the Financial Choice Act — coming along? Unless you’ve been under a rock for the last month, you’ll have noticed that things are not going so well for the Trump administration, and by extension, Republicans in the House and Senate. Between the Russia investigation, the FBI director’s firing, and a healthcare bill […]

Prospect of CFPB Reform Wanes, Enforcement Remains

DALLAS — Lenders and analysts are beginning to temper their expectations for financial reform, following the failed rollout of healthcare legislation last month, and as Consumer Financial Protection Bureau enforcement action continues, analysts said yesterday during a panel at CBA Live. “Regardless of what the president does to move this thing forward, you’re going to […]

Sparta Considers Offering Consumer Motorcycle Leases

There could be another powersports lessor in town if the Dodd-Frank Act is modified, lessening the burden of financial regulation. Sparta Commercial Services Inc. is considering its options to offer consumer motorcycle leases again, Chief Executive Tony Havens told Powersports Finance.

What Does the Trump Era Have in Store for Fair Lending? [SPONSORED]

A lot can change in 15 years. Just ask Michael Benoit, Chairman of Hudson Cook, LLP. “It used to be difficult to get a meeting with dealers to talk about compliance because it had never been a big issue,” says Benoit. As an attorney who serves the automotive industry, he likes to use a driving […]
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