Servicemembers Civil Relief Act | Auto Finance News | Auto Finance News

NMAC settles DOJ suit over unlawful repos with $3M payment

Nissan Motor Acceptance Corp. has agreed to pay the Department of Justice $3 million following allegations that the captive violated the Servicemembers Civil Relief Act (SCRA), a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service.  The suit alleges that Franklin, Tenn.-based NMAC repossessed 113 vehicles owned […]

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 […]

California Subprime Lender Settles DOJ Investigation Over Unlawful Auto Repossessions

A California-based auto lender has agreed to pay the Department of Justice $80,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. California Auto Finance, based in Orange County, Calif., allegedly repossessed vehicles of two […]

Hudson Valley FCU Settles DOJ Investigation Over Unlawful Auto Repossessions

Hudson Valley Federal Credit Union has agreed to pay the Department of Justice $95,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. HVFCU, based in Poughkeepsie, N.Y., allegedly repossessed nine vehicles owned by SCRA-protected servicemembers […]

Wells Fargo Continues Probe of Forced Insurance on Military Members

Wells Fargo Dealer Services is prepared to refund $80 million to borrowers wrongly charged for collateral protection insurance (CPI), but the lender is still determining the full impact this policy had on active-duty servicemembers, a spokeswoman told Auto Finance News. “We are reviewing accounts now to determine how many impacted customers are also active-duty servicemembers,” […]

If the CFPB Audited You Tomorrow … [SPONSORED]

Imagine that the bureau’s examiners are waiting in the lobby. The time for preparation has come and gone. What are they going to find? The regulatory scrutiny brought to bear in the vehicle finance industry has changed the way companies operate, and it’s no secret that the Consumer Financial Protection Bureau has been busy levying […]

5 Steps of Santander’s Compliance Revival

Santander Consumer USA has not had an easy two years when it comes to regulatory compliance. In 2015, the company started getting hit with consent orders from the Federal Reserve for failure to pass a stress test. Later that year, the Department of Justice sent a consent order alleging the company violated the Servicemembers Civil Relief […]
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