Brittany-Marie Swanson
Associate Editor
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A report released by the United States Government Accountability Office this week found that the CFPB, which has collected information on up to 600 million financial accounts, has fallen short in its data-protection efforts.
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Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.
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This month, the Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that dismissed a proposed class-action lawsuit against Yelp. The suit claimed the company extorts advertising dollars from businesses in exchange for good reviews, a practice the federal court said is not illegal.
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Word of mouth is still the leading source for new business, but a new study says review sites continue to gain ground.
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First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.
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Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.
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Legislation regulating the influence captive finance sources have on F&I product sales has popped up around the nation this year, but the industry disagrees on what is driving these state-by-state battles.
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In a regulatory filing Thursday, Santander Consumer USA disclosed that it has received a civil subpoena from the U.S. Department of Justice requesting documents related to subprime auto lending. Earlier in the week, GM Financial filed a similar report.
Read More →In a Securities and Exchange Commission filing this week, GM Financial revealed that it was served with a subpoena by the U.S. Department of Justice. It is requesting documents related to the origination and securitization of subprime auto loan contracts dating back to 2007.
Read More →The dealer group reported a 21% increase from last year’s adjusted income from continuing operations, as well as a 12% increase in total gross profit.
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