House Financial Services Committee | Auto Finance News | Auto Finance News

CFPB, FTC fine Equifax $700M for data breach

Equifax has been ordered to shell out $700 million in fines and financial relief after 147 million consumer identities were compromised in a data breach nearly two years ago. A global settlement was announced today in a proposal filed by the Consumer Financial Protection Bureau, Federal Trade Commission, and 48 states, the District of Columbia […]

Moody’s to establish standard for quantifying cyber risk

Moody’s Corp. is working to establish a global standard for quantifying and assessing cyber risk for financial institutions. Through a joint venture with think-tank Team8, Moody’s will develop technology tools and methods to measure and analyze cyber risks facing lenders. Derek Vadala, global head of cyber risk for Moody’s, was named chief executive of the […]

Auto Finance News’ 4 People to Watch in 2019

A number of auto manufacturers, finance operations, and government bodies have new people at the helm, ready to leave their marks. The following are AFN editors’ picks for 4 people to watch in 2019: Kathy Kraninger Kathy Kraninger succeeded Mick Mulvaney as director of the Consumer Financial Protection Bureau in December 2018. Kraninger’s first official move […]

Democratic House Likely to Scrutinize Lenders as State AGs Step Up Enforcement

A Democrat-controlled House will likely subpoena auto lenders for information about their practices, bumping up the threat of reputational and headline risk in 2019, Chris Willis, a partner at Atlanta-based Ballard Spahr LLP and practice leader of the firm’s consumer financial services litigation group, told Auto Finance News. “[The House Financial Services Committee] can issue […]

Lack of Auto Experts at CFPB Caused Missteps in Wells Fargo Probe, Lawyer Says

A report this week from the House Financial Services Committee revealed that the Consumer Financial Protection Bureau ended its investigation of Wells Fargo & Co.’s fake checking accounts scandal early, thus halting an opportunity to uncover the auto division’s force-placed insurance scandal. “The outcome would have been different and consumer harm could have been mitigated […]

Compliance Insider: Choice 2.0…Again

The House Financial Services Committee’s (HFSC) worked on the Financial Choice Act (“Choice Act 2.0”) in April, based on an earlier version from the last Congress (Choice Act 1.0). As often is the case in Washington, what is true today may not be tomorrow, and the landscape for financial reform has — not surprisingly — […]

CFPB Targeted Markup From Outset, Rep. Hultgren Says

Congressman Randy Hultgren accused the Consumer Financial Protection Bureau of pursuing dealers through enforcement actions against auto lenders “from the beginning,” he said during Wednesday’s Congressional hearing for the 2016 Semiannual Report of the CFPB. “You’ve always testified to the effect that you only regulate lenders, and that you’re careful not to step over that […]
Page 1 of 212 »