McGlinchey Stafford | Auto Finance News | Auto Finance News

Reconciling refunds: Why aftermarket products became an afterthought

From the July issue: State and federal regulators are ratcheting up enforcement of ancillary product refunds. In the past few years, auto lenders have faced heightened scrutiny related to the percentage of consumers buying ancillary products, how the products are offered, and what disclosures are provided. But compliance examinations of late have veered in another […]

Compliance considerations when buying and selling customer leads

As an auto lender, you’re likely aware of the due diligence required when purchasing consumer leads. Lenders must exercise the same diligence when referring — or selling — declined leads downstream. Purchasing customer leads via referral programs has adapted as technology has allowed online lenders to communicate instantaneously with potential customers. Due to the nature […]

N.Y. Regulators Expand Enforcement Scope With Newly Created Division

New York's newly created Consumer Protection and Enforcement Division may bump up the frequency of the state's Dodd-Frank Act claims, Robert Savoie, partner at McGlinchey Stafford, told Auto Finance News. Dodd-Frank claims allow regulators to seek relief for borrowers outside the state where the litigation originated if the case is transferred to federal court — […]

Md. Senate Committee Rejects Bill to Preserve Watchdog Agency, Mandate Dealer Rate Disclosures

The Maryland Senate Financial Committee voted down a bill last week to extend the Financial Consumer Protection Commission’s regulatory power for two years, effectively decommissioning the state-run watchdog on June 30 and scrapping a requirement that auto dealers disclose to consumers the “buy rate” on loan contracts. The buy rate refers to the lowest annual […]