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California Mini-CFPB Could Spell Trouble for Lenders, Lawyers Say

The creation of a state-level regulatory agency in California similar to the Consumer Financial Protection Bureau would be burdensome for lenders, Quyen Truong, partner at Stroock & Stroock & Lavan LLP, told Auto Finance News, especially considering the Department of Business Oversight is already active in regulating the finance industry. “If a new agency were […]

Attorneys Weigh In on Kraninger Appointment, Impact on Auto Lenders

Though newly appointed Consumer Financial Protection Bureau Director Kathy Kraninger will likely continue Mick Mulvaney’s efforts to dismantle the agency, chances are high that she will face tougher oversight than her predecessor, as Democrats take control of the House next year, several attorneys told Auto Finance News. Kraninger, President Donald Trump’s nominee for the CFPB […]

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 […]

Regulation Falls on State Attorneys General as CFPB Focuses on Education

The withdrawal of the Consumer Financial Protection Bureau is causing states to “feel like they have to step in where the government is pulling back,” Patty Covington, attorney at Hudson Cook, told Auto Finance News. Since Acting Director Mick Mulvaney assumed leadership of the Bureau last year, the consumer watchdog has transitioned the Office of […]

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 […]

It’s a New Day for the CFPB

What a difference a day — or a couple of months — makes! The Consumer Financial Protection Bureau issued its five-year strategic plan in February, and boy does it paint a picture of a kinder, gentler CFPB. Well, maybe neither kind nor gentle, but I’ll settle for an agency interested in all of its stakeholders. […]
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