CFPB Sues Five Arizona Auto-Title Lenders
The bureau charged the title lenders with violating the Truth in Lending Act for failing to disclose annual percentage rates in online loan advertisements. It is seeking civil monetary penalties and administrative orders requiring the companies to correct their practices.
Frazer and F&I Express Announce Partnership
More than 16,000 independent dealerships will gain the ability to digitally rate, econtract, capture electronic signatures and submit contracts for more than 130 F&I aftermarket product provider as part of a recently announced partnership between Frazer and F&I Express.
Pew: CFPB Small-Dollar Rule ‘Would Not Adequately Protect Borrowers’
The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.
Earn Compliance Certification at Industry Summit
Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.
HSBC to Pay $434,500 for SCRA Violations
The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).