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Tag Archives: Military Lending Act

CFPB Broadens Scope of Financial Education Tool

The Consumer Financial Protection Bureau expanded the audience of its virtual financial education tool, called Misadventures in Money Management, to include all active service members. When launched in 2016, the tool was developed for future service members who had not yet been shipped off to basic military training. Last week, the bureau widened the audience […]

Bianca Chan
May 31, 2019
Compliance

CFPB Asks Congress for Authority on Military Lending Act Compliance

Consumer Financial Protection Bureau Director Kathy Kraninger issued a legislative proposal to Congress on Thursday asking for authority to supervise compliance with the Military Lending Act. The move by Kraninger is another step to reverse policies implemented by predecessor Mick Mulvaney, who had announced in August 2018 that the bureau would scrap supervisory examinations of […]

Nicole Casperson
January 18, 2019
Compliance

SNAAC Adapts to Revised Military Lending Reg to Sell GAP

Security National Automotive Acceptance Co. is one of the first lenders to adhere to revised regulations from the Department of Defense through a new compliance program, Auto Finance News has learned. In December, the DoD clarified that servicemembers seeking GAP policies are subject to the Military Lending Act (MLA). As a result, many dealers stopped […]

William Hoffman
February 21, 2018
All Posts, Compliance, Strategy

Compliance: Not Dead Yet

Sighs of relief turned into sighs of frustration this past December when the Department of Defense (DOD) issued a new interpretation of the Military Lending Act (MLA), potentially resulting in severe implications for all dealers who sell or have sold vehicles to active-duty members of the U.S. armed forces and/or their dependents. It seems that […]

EFG Companies
January 19, 2018
Compliance, Sponsored

Compliance Insider: Houston, We Have a Problem

I guess when it rains, it pours. My last two columns dealt with the Consumer Financial Protection Bureau’s proposed rule to regulate small dollar loans and the confusion the proposed rule, if finalized, might create for the vehicle finance industry. Not to be outdone, it seems the Department of Defense has — probably unintentionally — decided […]

Michael Benoit
November 16, 2016
Archives, Compliance

Tech Partnerships Help Drive Digital Transformation in Auto Finance

Aclaro, a company that develops tools for companies in the automotive industry, recently announced game-changing news that validates its mission of helping small, scrappy dealerships compete with larger competitors. As part of its efforts to deliver five-star service for its clients, Aclaro joined the Microsoft Partner Network, allowing the company to continue building its business […]

How Lenders Should Leverage the Power and Promise of Artificial Intelligence

Technology does not wait for rules or regulations. Artificial intelligence (AI) is no exception. The potential profit associated with fintech speeds up innovation, but it also increases the risk of implementing machine intelligence without assessing potential hazards. Simply put, we do not understand how some machines solve problems with deep learning algorithms. This risk can […]

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]

The Value of User Experience When Managing Risk

Much has been written about the rise of machine learning and artificial intelligence and how it will impact the auto lending industry. While there has been a significant amount of hype, the promise of artificial intelligence is simply game changing. The most obvious application is that thinking machines will be able to assess risk and […]

The Benefits of Artificial Intelligence in Auto Lending

We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]

How Lenders’ Response Time Influences Dealer Relationships

Automotive OEMs rate vehicle performance by the time it takes to go from zero to 60 in seconds. This is a measure of energy conversion – fuel, spark, movement. While this is a mechanical situation, a comparison can be made to business response times. While fuel is a potential auto loan customer, the spark is […]

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Tag Archives: Military Lending Act

CFPB Broadens Scope of Financial Education Tool

CFPB Asks Congress for Authority on Military Lending Act Compliance

SNAAC Adapts to Revised Military Lending Reg to Sell GAP

Compliance: Not Dead Yet

Compliance Insider: Houston, We Have a Problem

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