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Last week, the U.S. House Financial Services Committee passed the Financial CHOICE Act, which supporters describe as an alternative to the Dodd-Frank Act. It contains language aimed at repealing the CFPB’s guidance on dealer participation, among other things.
Read More →The Consumer Financial Protection Bureau used its field hearing today to issue its proposed rule targeting what Director Richard Cordray called “payday debt traps.”
Read More →The Consumer Financial Protection Bureau will be holding a field hearing on May 5 in Albuquerque, N.M., to discuss arbitration. CFPB Director Richard Cordray will issue remarks at the hearing
Read More →AFIP's executive director has some choice words for President Obama, Sen. Warren and the 'smartest guys in the room.'
Read More →The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.
Read More →Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.
Read More →The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.
Read More →The House Financial Services Committee’s decision to release confidential CFPB documents was a big win for the industry. But will it be enough to stop the bureau’s attack on dealer participation?
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The acquisition comes more than two months after BMO Harris Bank informed dealers it was exiting 12 states to refocus its indirect auto business.
Read More →The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.
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