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CFPB

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December 6, 2017 - Industry News

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

Tags: auto finance, CFPB, compliance, dealer markups, dealer participation

December 1, 2017 - Industry News

Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

Tags: auto finance, CFPB, compliance, Dodd-Frank Act, Donald Trump

November 27, 2017 - Industry News

Two’s a Crowd: Battle for Control of CFPB Heads to Court

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

Staffers with the CFPB returned from the Thanksgiving break on Monday to two acting directors, a lawsuit, dueling emails, and a bag of doughnuts.

Tags: CFPB, compliance, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

November 16, 2017 - Industry News

EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty

John Pappanastos, president and CEO of EFG Companies

EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.

Tags: CFPB, compliance, Customer Service, digital retailing, EFG Companies, general agents, new-vehicle sales, parts and service, service drive

November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.

Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray

October 25, 2017 - Industry News

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.

Tags: Arbitration, CFPB, compliance, F&I products

September 21, 2017 - Industry News

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.

Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services

August 8, 2017 - Industry News

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).

Tags: Arbitration, auto finance, CFPB, compliance, Jeb Hensarling

July 26, 2017 - Industry News

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

Tags: Arbitration, auto finance, CFPB, compliance, House Financial Services Committee, Jeb Hensarling

July 25, 2017 - Industry News

Republicans Challenge CFPB’s Arbitration Rule

The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..

Tags: Arbitration, auto finance, CFPB, CFPB study, compliance, Jeb Hensarling

July 10, 2017 - Industry News

CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts

The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.

Tags: arbitration agreements, auto finance, CFPB, CFPB study, compliance

June 29, 2017 - Industry News

Ganther to Serve as Featured Speaker at Dallas Compliance Summit

Attorney and Mosaic Compliance Services cofounder Jim Ganther will deliver a featured presentation on Easy-to-Implement Processes and Controls at Compliance Summit in September.

Tags: CFPB, CMS, complaint management system, compliance, compliance management system, Compliance Summit, digital retailing, Industry Summit, James Ganther, online F&I

June 13, 2017 - Industry News

House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.

Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, dealer markups, dealer participation, Dodd-Frank Act

May 24, 2017 - Industry News

Poll: Most Voters in Battleground States Support Structural Reforms to CFPB

By a three-to-one margin, voters surveyed in seven key battleground states said they prefer a bipartisan commission over a single director.

Tags: CBA, CFPB, compliance, Consumer Financial Protection Bureau

April 7, 2017 - Industry News

AFSA to Congress: The CFPB ‘Needs to Be Reined In’

A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.

Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray

February 16, 2017 - Industry News

D.C. Circuit Grants CFPB’s Request to Defend Single-Director Structure

The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.

Tags: auto finance, CFPB, dealer participation, Donald Trump

January 19, 2017 - Industry News

House Republicans Allege CFPB Director Violated U.S. Law in New Report

A new report released by Republican members of the House Financial Services Committee charges CFPB Director Richard Cordray with violating federal law when the regulator published its Larger Participant Rule in June 2015.

Tags: auto finance, CFPB, compliance, FEDERAL REGULATION, House Financial Services Committee

January 4, 2017 - Industry News

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion

December 8, 2016 - Industry News

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

Tags: banks, CFPB, Congress, credit unions, Regulations, Senate

December 1, 2016 - Industry News

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.

Tags: CFPB, Congress, U.S. Court of Appeals

October 18, 2016 - Industry News

Firm Urges Dealers to Remain Vigilant in Wake of CFPB Ruling

Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, customer disclosures, dealer markups, dealer participation, F&I products

August 16, 2016 - Industry News

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.

Tags: auto finance, Auto Title Loans, CFPB, compliance, Payday Lending

August 4, 2016 - Industry News

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.

Tags: American Financial Services Association, Arbitration, CFPB, Congress, Richard Cordray, Senate

July 21, 2016 - Industry News

Trade Groups Call on U.S. Senators to Support CFPB-Reform Bill

The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, NADA, NIADA

July 6, 2016 - Industry News

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

Tags: auto finance, CFPB, GAP, payment deferral

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