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Dealers should take care to avoid practices that regulators could deem to be tricks or manipulation of consumers.
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Implementing pricing guidelines is not a guarantee that the regulators will stay away, but properly implemented and managed, it should provide a plausible defense of your F&I pricing practices.
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The CFPB recently provided directions to the CEEA that will ensure consumer voices are heard throughout, and at every level, of the Bureau – from rule-making to COVID education to increasing racial equities to punishing bad actors.
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On June 29, the United States Supreme Court ruled that the structure of the Consumer Financial Protection Bureau was unconstitutional. A compliance expert shares why this matters, and why it matters to dealers in particular.
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On Monday, The Supreme Court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional.
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The Consumer Financial Protection Bureau (CFPB) announced four members who will serve on the Taskforce on Federal Consumer Financial Law.
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A joint statement from the nation’s biggest banking regulators expressed cautious optimism toward emerging decisioning models that could generate more auto loans.
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A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.
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Attorney Eric Johnson fields questions about the state of the CFPB, the now fully staffed FTC, and the aggressive stance of state attorneys general. He also offers a critical update on the Military Lending Act.
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Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.
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