Automotive Loans

News & Analysis as of

CFPB Consumer Advisory Board to meet on June 9

The CFPB has published a notice in the Federal Register indicating that it will hold a meeting of its Consumer Advisory Board on June 9, 2016 in Little Rock, Arkansas.  The topics to be discussed at the meeting are “an auto...more

CFPB Release Report Critical of Auto Title Loans

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more

Treasury Department Issues Marketplace Lending Report

On May 10, the U.S. Department of the Treasury (hereafter, Department or Treasury) released a report on “Opportunities and Challenges in Online Marketplace Lending.” The result of Treasury’s July 20, 2015 Request for...more

The CFPB’s auto title loan report: last step to a payday/title loan proposal?

The CFPB has issued a new report entitled “Single-Payment Vehicle Title Lending,” summarizing data on single-payment auto title loans. The latest report is the fourth report issued by the CFPB in connection with its...more

CFPB schedules June 2 field hearing on small dollar lending

The CFPB has announced that it will hold a field hearing on small dollar lending in Kansas City, Missouri on June 2, 2016. We anticipate the field hearing to coincide with the CFPB’s release of its proposed rule which is...more

Car Repossession Turns Deadly

A recent car repossession in Utah turned deadly after a 35 year old mother of two attempted to flee from the repo man who in turn took chase after the woman. The Police report states that their vehicles reached speeds of 70...more

Was a CFPB Enforcement Action Based on "Racial Profiling and Junk Science"?

In a press release dated April 18, 2012, the Consumer Financial Protection Bureau (CFPB or Bureau) declared that it would "use all available legal avenues, including disparate impact, to pursue lenders whose practices...more

Fourth Circuit Considers Whether Arbitration Agreement Was Binding Where Parties Modified Contract Through Conduct

In early April, the Fourth Circuit Court of Appeals considered whether an arbitration agreement was “a written provision” for purposes of the Federal Arbitration Act where the parties modified the contract through their...more

New and Disruptive Technologies: The Care and Feeding of the New Economy [Expect Focus – Vol. I, Winter 2016]

IN THE SPOTLIGHT - The CFPB Takes First Enforcement Action Related to Data Security Practices. LIFE INSURANCE - Class Certified in Unique Fixed Indexed Annuity Case. Alleged Misrepresentations to DFS Warrant...more

CFPB and DOJ Continue Enforcement Orders Against Indirect Auto Lenders Based on Discriminatory Loan Pricing Policies

In February the Consumer Financial Protection Bureau and Department of Justice announced entry of a consent order with Toyota Motor Credit, the U.S. financing arm of Toyota Motors’ subsidiary Toyota Financial Services. The...more

What's Driving Regulation of Auto Ancillary Products

Federal and state regulatory scrutiny of the automobile finance industry has accelerated over the last several months. The Consumer Financial Protection Bureau (CFPB or the Bureau) and the Department of Justice (DOJ) recently...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

Drive to Regulate Auto Lenders Continues With $7.4M Deal

The latest regulator to take on an auto lender: Massachusetts Attorney General Maura Healey reached a $7.4 million deal with American Credit Acceptance LLC (ACA) and Westlake Services LLC over allegations of excessive...more

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and...

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more

Orrick's Financial Industry Week in Review

ESMA Consults on Guidelines on Disclosure of Information on Commodity Derivatives Markets or Related Spot Markets under MAR - On March 30, the European Securities and Markets Authority ("ESMA") opened a public...more

Director Cordray to appear before Senate Banking Committee on April 7

Director Cordray is scheduled to appear before the Senate Banking Committee on April 7, 2016 for a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” (The CFPB’s most recent...more

UK Financial Regulatory Developments - March 2016 #17

FOS publishes latest Ombudsman News - The latest edition of Ombudsman News focuses on cases relating to cars and debt management. (Source: FOS publishes latest Ombudsman News)... FOS responds to feedback on...more

Old is New: History Repeats Itself

You may recall that in late 2011, we published the article, “Five Persistent Trends Affecting Automobile Dealers.” While the specifics may have changed, many of the trends continue to persist and affect dealers. This is a...more

Financial Services Weekly News - March 2016 #4

Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

Massachusetts AG Healey Continues Subprime Auto Loan Review; Lenders to Pay $7.4 Million in Consumer Relief

On March 16, Massachusetts AG Maura Healey announced that two national auto lenders, based in South Carolina and California respectively, agreed to collectively pay $7.4 million in relief to more than two thousand...more

Maryland Auto Finance Bill Withdrawn from Consideration

On March 11, the Maryland House Committee on Economic Matters reported unfavorably on Maryland House Bill 530. Introduced on February 1, 2016, the bill would have repealed and reenacted, with amendments, Maryland Commercial...more

Director Cordray appears before House Financial Services Committee

Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the...more

Disparate Impact Continues to be a Viable Discrimination Theory for the CFPB under the ECOA

On Wednesday, March 16, 2016, the House Financial Services Committee hosted the Consumer Financial Protection Bureau’s (“CFPB”) Director Richard Cordray for a hearing on “The Semi-Annual Report of the Bureau of Consumer...more

Looking Ahead: What the Auto Lending Industry Can Expect from the CFPB in 2016

The CFPB's critics are getting louder, arbitration clauses are spending some time on the chopping block and credit reporting continues to garner more and more attention. These are all things we can expect to focus on this...more

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

In the past two months, consent orders were reached in two high profile enforcement actions. In February 2016, a consent order came out between the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and...more

237 Results
|
View per page
Page: of 10
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×